Trade Opportunities within MIKTA: A Macroeconomic Comparative Analysis of Mexico, Indonesia, and Turkey (2000-2019)

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This article explores trade opportunities among Mexico, Indonesia, and Turkey, presently members of the MIKTA partnership, by comparing their respective macroeconomic and socio-economic variables. The authors use GDP per capita as a key indicator of productivity and market size to see which MIKTA members are similar and therefore have the potential to establish trade and joint business projects. To do that, they conducted an ANOVA test leaving Australia and South Korea to one side due to their high per capita income. They then focused on Mexico, Indonesia, and Turkey, whose economies proved to be equivalent, and compared their key macroeconomic and social indicators, underlining their most competitive sectors, commodities, foreign trade, and trade partners. A total of 87 observations were rated from one to three to identify which country was best. Mexico scored 205 points followed by Indonesia with 164, and Turkey, with 153. Finally, they ran a second ANOVA test, taking the value of all observations in a logarithmic scale to prove that in spite of the different scores, the three countries’ mean was the same. The results are relevant since the three of them present enormous business potential, which could allow them to lead MIKTA in coming decades.