Despite the global slowdown, Mexican exports to the United States registered a growth of 4.6% in 2023, reaching a record value of 475,607 million dollars.
This outstanding performance places Mexico as the leading supplier to the US market, wresting the lead from China for the first time since 2007
While the growth moderated compared to the 18.3% recorded in 2022, the 2023 result is particularly important in the context of the 4.9% decrease in total US imports.
The slowdown was affected by the drop in oil prices (15%) and reduced demand for non-automotive manufacturing.
Mexico, Germany, and South Korea are the only countries in the top 10 suppliers that recorded growth in their sales to the United States.
Exports from the United States to Mexico contracted by 0.4%, generating a record surplus for Mexico of $152.379 million.
This milestone takes place in a context similar to that of the 2016 electoral campaign, where the trade deficit with Mexico was a central issue.
Mexico overtook China as the top supplier to the United States, ending China’s 16-year lead.
China’s exports to the United States fell 20.3% in 2023, their biggest drop since 2019.
Mexico’s share of US imports rose from 14% to 15.4%, while China fell from 16.5% to 13.9%, the lowest level since 2004.
Mexico’s leadership in the US market consolidates its position as an important trading partner and highlights the importance of T-MEC for the economies of both countries.
Elections 2024: Mexico’s trade surplus will be a topic of debate in the next presidential elections in the United States.
Strengthening T-MEC: The treaty is expected to continue to boost trade between Mexico and the United States.
Opportunities for Mexico: Mexico’s leadership is opening up new opportunities to diversify its exports and strengthen its position in the global economy.
This article is based on an analysis of data from the United States Census Bureau and Mexico’s trade balance.