During the first two months of the year, Mexico consolidates itself as the United States' main trading partner by reaching a record number of exports. Shipments from Mexico to that country between January and February had a value of 78,287 million dollars, an increase of 7.7%, compared to the 72,669 million dollars accumulated in the same period of the previous year, according to published data this Thursday by the US Census Bureau.
Mexico's imports from the US closed the first two months of the year at a level of 53,264 million dollars, which represents an increase of 2.6% compared to 51,895 million in 2023. In balance, the figures show a surplus of more than 25,000 million dollars in favor of Mexico.
In February alone, the second largest economy in Latin America reported exports of 40,245 million dollars, an increase of 12% compared to the same month in 2023. With these results, Mexico remained the first exporter to the United States, followed by China and the third place was Canada. Among the products that the US buys the most from Mexico are cars and auto parts, electronics, oil and agricultural products.
The geopolitical and economic rivalry between the United States and China has collaterally benefited Mexico. The interest of companies in leaving China to secure their supply chains has encouraged the nearshoring or relocation of companies and in light of this, the Latin American country is positioned as the best option due to its proximity to the United States and its commercial facilities via the USMCA. U.S. legislators have even warned that Chinese companies are seeking to move operations to Mexico in order to continue selling in the US.
China, in contrast, has been losing ground as a trading partner of the United States. In the first two months of the year, its exports to the United States totaled just over 67,688 million dollars in the first two months of this year and in February alone they accounted for 31,895 million Dollars.
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