The anti-China restrictions imposed by the United States are bearing fruit and, on one level in particular, Mexico has been the clear beneficiary. Following US President Joe Biden's toughening of rhetoric and the imposition of tariffs and restrictions on China's export of critical technologies to his country, China is exporting less to the United States. In the same period, Mexico has been gaining ground, according to data from the US Census Bureau published on Tuesday.
Mexico surpassed the Asian giant in the value of exports it sent to the United States in the accumulated value of the first 11 months of 2023, totaling 438,986 million dollars, while China lags behind with 393,137 million. Everything indicates that 2023 will be the year in which Mexico dethroned China as the main exporter to the United States. Among the products that the US buys the most from Mexico are cars and auto parts, electronics, oil and agricultural products.
In November, according to the most recent figures, Mexico exported a total of 39,810 million dollars to the United States, while China exported 35,494 million, which places it in second place. In third is Canada, the other member of the North American free trade agreement, the USMCA. Canada exported 36,141 million dollars in November, for a total of 387,727 million in 2023.
Trade tensions between the US and China are also generating effervescence and expectation in Mexico due to the potential that the nearshoringthe interest of companies in leaving China to secure their supply chains in “allied” countries of the United States. Legislators in the United States have warned that even Chinese companies are seeking to transfer operations to Mexico in order to continue selling to the United States market.
Although foreign direct investment (FDI) announcements have broken records in Mexico, the country does not have the same advantage as in exports. According to data from the Organization for Economic Cooperation and Development (OECD), the United States was the main recipient of FDI worldwide during the first six months of 2023, followed by Brazil, while Canada and Mexico tied for third place. The US was also the largest investor worldwide, followed by China and Japan.
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