The value of Mexico’s exports to the United States increased almost 6% annually in the first eight months of 2024 to reach a record high of more than US $334 billion.
The United States Census Bureau and the U.S. Bureau of Economic Analysis reported Tuesday that Mexico’s exports to its northern neighbor were worth $334.73 billion between January and August, a 5.8% increase compared to the same period of 2023.
Mexico thus consolidated its position as the top exporter to the U.S. It dethroned China from the coveted spot last year.
A wide range of Mexican products are shipped to the U.S., including cars, auto parts, electronics, fresh fruit and vegetables, oil and alcoholic beverages.
Mexico’s share of the U.S. import market was a record 15.7% between January and August, an increase of 0.2 percentage points compared to the first eight months of 2023. Mexico’s share a decade ago was more than 3 points lower, at 12.6% in 2014.
In a speech in Monterrey on Tuesday, Economy Minister Marcelo Ebrard highlighted that Mexico’s share of that market was almost 16%.
“In 1988 it was 5%, it’s multiplied by approximately three,” he told a business forum in the Nuevo León capital.
“The participation of China has declined. There is a great opportunity to grow in the participation in the market [for exports] to the United States,” Ebrard said.
China’s share of the U.S. import market declined to 13.1% in the first eight months of 2024 from 13.5% in the same period last year. Canada’s share fell to 12.9% from 13.6%.
Two-way trade also hit a record high
The U.S. data shows that the United States’ exports to Mexico were worth $225.07 billion between January and August, a 4.3% increase compared to the same period last year.
Among the products the U.S. sends to Mexico are oil and gasoline, auto parts, meat and grains, including yellow corn used as livestock feed.
Two-way trade totaled $559.8 billion, a 5.2% increase compared to the first eight months of last year and a record for the period.
Trade between Mexico and the U.S. accounted for 16% of the United States’ total trade with countries worldwide.
The two countries are each other’s largest trade partner, and their economies have become increasingly integrated in the 30 years since the entry into force of NAFTA, which was superseded in 2020 by the United States-Mexico-Canada Agreement, or USMCA.
Mexico recorded a trade surplus of $109.65 billion with the U.S. between January and August.
A good August for Mexico, and the US
Mexico’s exports to the U.S. in August were worth a record-high $43.75 billion, an increase of 4.8% from the same month last year.
Imports from the U.S. also hit a record high in August, increasing 3.5% annually to $30.02 billion.
With reports from El Economista and El Financiero
