Friday, May 24, 2024

Mexico-US trade breaks record at US $614.5 billion, up 0.5%

Two-way trade between Mexico and the United States reached an all-time high of US $614.5 billion in 2019, the U.S. Department of Commerce reported on Wednesday.

Mexico’s exports to its northern neighbor totaled a record $358.13 billion last year, a 3.5% increase compared to 2018. Meanwhile, imports from the United States declined 3.4% to $256.37 billion.

The combined value of the commercial exchange between the two countries was 0.5% higher than that recorded in 2018. The balance of trade showed a record surplus of $101.75 billion in Mexico’s favor, 26.2% higher than the 2018 surplus.

Data from the Department of Commerce also showed that Mexico is now the United States’ largest trading partner, having moved past both China and Canada. Trade between the two countries accounted for 14.8% of the U.S.’ total international trade last year.

Canada was the second biggest trade partner of the United States followed by China, Japan, Germany and South Korea.

China’s share of trade with the world’s largest economy took a hit as a result of the trade war between Washington and Beijing, which has helped Mexico increase its exports to its northern neighbor.

The record trade between Mexico and the United States last year came despite continuing uncertainty surrounding the new North American trade agreement and threats from U.S. President Donald Trump to impose blanket tariffs on Mexican imports if the Mexican government didn’t do more to stop the arrival of migrants on the two countries’ shared border.

Mexico, the United States and Canada finally signed a modified version of the USMCA in December while President López Obrador, who is determined to maintain harmonious relations with the U.S., averted the tariff threat by agreeing to deploy the National Guard to increase enforcement against migrants.

Source: El Financiero (sp) 

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