Mexico Achieves Record Exports to the US: $78.287 Billion in the First Two Months of the Year
During the first two months of the year, Mexico solidified its role as the United States’ primary trading partner, outpacing trade giants like China and Canada. Mexican exports to the US saw an impressive growth, reaching a record-breaking $78.287 billion between January and February. This surge represents a significant 7.7% increase compared to the same period the previous year.
This robust export performance translates into a trade surplus of over $25 billion in Mexico’s favor. Leading sectors driving Mexican exports to the US include automobiles, auto parts, electronics, oil, and agricultural products, showcasing the diversity and strength of the Mexican economy.
The “nearshoring” or relocation of companies to Mexico has gained momentum due to the geopolitical and economic rivalry between the US and China. Many companies are opting to move their operations to Mexico to secure their supply chains and leverage the trade benefits provided by the United States-Mexico-Canada Agreement (USMCA).
Furthermore, US lawmakers have indicated that Chinese companies are considering shifting their operations to Mexico to maintain their access to the US market. This trend highlights the growing preference for Mexico as a strategic destination for investments and commercial operations.
To read the full article: https://elpais.com/mexico/2024-04-04/mexico-logra-una-cifra-record-de-exportaciones-a-ee-uu-78287-millones-de-dolares-en-el-primer-bimiestre-del-ano.html