The issue of international competitiveness of economies is one of the priorities within the contemporary economic policy. From the perspective of processes shaping the world economy as well as the position of particular countries in the global and regional system of powers this is a crucial challenge. The article addresses the analysis of competitive potential of Brazil and Mexico – the biggest Latin American economies, which aspire to be named as regional leaders. Having made advantage of the most popular reports issued by international organisations and referring to statistical data on the Brazilian and Mexican foreign trade the author identified a great deal of the most important weaknesses and strengths of their economic systems.