In August 2024, bilateral trade between the U.S. and Mexico reached historic highs, totaling $559.8 billion from January to August, marking a 5.2% increase from the previous year. This growth solidified Mexico’s position as the U.S.’s primary trading partner, with a 16% share of total U.S. trade, surpassing Canada and China.
Mexico’s exports to the U.S. hit a record $334.7 billion, up 5.8% year-over-year, while U.S. exports to Mexico rose 4.3% to $225.1 billion. August alone saw Mexican exports of $43.7 billion, a 4.8% increase compared to August 2023.
Experts highlight that this growth reflects the consolidation of an economic bloc in North America, largely due to strong cross-border supply chains, particularly from states like Texas and California. While Mexico has made significant strides, there are concerns it hasn’t fully capitalized on opportunities from shifts in global trade, particularly with competition from countries like Vietnam and Taiwan.
Overall, analysts predict that Mexico will continue to be the leading supplier of goods to the U.S. through the end of 2024, driven by ongoing integration of the North American economies and the impacts of the U.S.-China trade dynamics.
SOURCE:
https://www.elfinanciero.com.mx/economia/2024/10/08/crece-el-business-comercio-bilateral-mexico-eu-marca-maximos-historicos-en-agosto/