The Trade Balance records the exports (sales) and the imports (shopping) of goods and serviceswhich our country does with the rest of the world.
If the exports They are greater than imports, so we have a positive trade balance, that is, more dollars are entering the country, which translates into strengthening our currency and our economy.
Otherwise, if imports are greater, we have a trade balance deficitwhich implies a strong dependence on the outside.
In this sense, according to data from the Bank of Mexico our country exported 339,519 millions of dollars of goods from January to July 2023, which represents an increase of 4% compared to the same period last year, that means that our country is exporting 1 a million dollars per minute…
But what do we export? 89% are manufactured productssuch as, for example, automobiles, computers, machinery and equipment, electrical material and auto parts, while 5% is Petroleum and its derivatives, 4% agricultural products and 2% extractive industry (mining).
While imports, that is, the purchases we make from the rest of the world reach 346,744 million dollars, so we have a negative balance of the Trade Balance of 7,225 million dollars.
Therefore, the trade flow of our country amounts to 686,263 millions of dollarsthis is half of our Gross Domestic Product (GDP).
It should be noted that of everything that Mexico exports to the world, we sell 83% to the United States; 3% to Canada; 2% Germany and China each; and the other 10% to the rest of the world.
While, of everything that Mexico imports from the world, 43% comes from the United States; We buy 18% from China; followed by Japan and Germany with 4% each; and Canada, Malaysia and Taiwan 2% each, the other 25% corresponds to the rest of the world.
Of that size, it is the strong commercial and economic relationship between the United States and Mexicowhich is why it is stated that “if the US gets the flu, Mexico gets pneumonia.”
This commercial relationship is confirmed with data from the Department of United States Tradewho points out that Mexico It is its main trading partner, with a flow between both countries of 461,908 million dollars from January to July 2023, which represents 15.7% of all United States trade, leaving Canada in 2nd place and China in 3rd.
Besides, Mexico is the country preferred by the United States to buy merchandiseacquires goods in our country for 274,950 million dollars, which represent 15.5% of its purchases from the world, this despite the 12% appreciation of the Mexican peso throughout the year, which went from $19.36 per dollar to $17.10 per dollar. dollar.
Also, we are the 2nd destination for US exports with 186,958 million dollars, which represents 16% of US exports. The first place is occupied by Canada with 17.7%.
This way, Mexico It continues to consolidate itself as a competitive country, which has strengthened its economy, in the midst of the trade war between China and the United States and the war between Russia and Ukraine.
Therefore, I ask you, dear reader, does the commercial leadership of Mexico Will it be the result of the relocation of transnational companies or the strategies of the Federal Government?
More from the same author:
#Mexico #main #trading #partner #USA