Mexico has achieved a remarkable milestone in its trade relationship with the United States. Recent data from the US Census Bureau reveals a significant shift in import patterns.
Mexico now stands as the leading external supplier to the US market, surpassing both China and Canada. The figures paint a clear picture of Mexico’s growing influence.
From January to August 2024, Mexico contributed 15.7% of all US imports. This represents a two percentage point increase compared to the same period last year.
The trend has been steadily climbing over the past decade. In contrast, China and Canada have seen their market shares decline.
China’s portion dropped from 13.5% to 13.1%, while Canada’s fell from 13.6% to 12.9%. This shift highlights Mexico’s strengthening position in the US market.
Mexican Exports to U.S. Hit Record 15.7% Market Share. (Photo Internet reproduction)
Marcelo Ebrard, Mexico’s Secretary of Economy, expressed optimism about these developments. He noted that Mexico’s market share has tripled since 1988, rising from 5% to nearly 16%.
Ebrard sees great potential for further growth in exports to the United States. August 2024 saw Mexican exports to the US grow by 12.5%, reaching $42,748 million.
This outpaced both Canada and China. Canada’s exports to the US decreased slightly, while China’s grew at a slower rate than Mexico’s.
Mexico’s Ascendancy in Trade with the US
Mexico has become the top exporter of manufactured goods to the US. Meanwhile, the US primarily exports basic grains to Mexico. This trade dynamic underscores the complementary nature of the two economies.
The Mexican government plans to focus on increasing the added value of its exports. This metric has remained relatively stable since the early 2000s.
Efforts will be made to strengthen national content and add value to the production chain. From January to August 2024, Mexican exports to the US increased by 5.8%.
This growth outpaced both China and Canada. Mexico is also approaching the status of being the top destination for US merchandise exports globally. These developments signal a new chapter in North American trade relations.
Mexico’s rising prominence as a trade partner reflects changing global supply chains and regional economic integration. The coming years may see further shifts in this dynamic trade landscape.
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