Monday, February 26, 2024

Mexico, number one in US exports

For the first time in 20 years, Mexico has overtaken China as the leading supplier of goods to the United States, with a value of 476.6 billion dollars. This figure pushes our country to close in 2023 as the largest trading partner of the world’s leading economic power.

According to information from the Census Bureau of the United States Department of Commerce, last year exports from Mexico to the United States showed an annual increase of 4.8 percent, while Chinese exports decreased by 20.3 percent, reaching 427.23 billion dollars. .

Historical figures from the organization show that the last time Mexico’s exports to the US were higher than China’s was in 2002, when they stood at 134.6 billion dollars, while those of the Asian giant registered at 125.2 billion.

In 2023, Mexico ranked for the second time since records began (the first was in 2019) as the main trading partner—measured by the value of exports and imports—of the United States by exchanging goods worth 798 billion dollars.

This figure, according to the report of the Census Bureau, means an increase of 3 percent compared to the 779 thousand 84 million dollars reported in 2022.

Last year, Mexico represented 15.7 percent of US world trade, leaving Canada in second place with 15.2 percent, the product of an exchange of 774.3 billion dollars, while China was in the third position with 11.3 percent, equivalent to 575 billion dollars.

Historically, China has been the top trading partner of the United States until Mexico took the position from it in 2019; China later regained the position in 2020, and Canada took the place of honor for the next two years.

Since 2018, the year in which President Donald Trump declared a trade war against China, imposing heavy tariffs on that country to try to reduce its trade deficit, the Asian giant has lost its share of the US trade market, benefiting Mexico. and Canada.

Mexico remained in the first annual position despite the fact that in December it fell to the second position with an exchange of goods worth 60.4 billion dollars, an amount surpassed by 61.1 billion dollars in Canada, while China was left with 46.1 billion dollars.

The strength of Mexican exports to US territory also occurs at a time when the country seeks to take advantage of the restructuring of value chains, a phenomenon better known as near the beach, which caused a wave of companies looking to settle in Mexico to be closer to the destination they export to.

On the other hand, according to the Census Bureau, exports from the United States to Mexico closed the year at 323,227 million dollars, a decrease of 0.3 percent compared to the 324,309 million dollars reported in 2022.

In this way, Mexico registered a trade surplus with the United States of approximately 152,378 million dollars. In other words, the value of goods sold is higher than what was bought last year.

World Nation News Desk
World Nation News Desk
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