Mexico’s Participation in Trade with the U.S. Grows

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El Heraldo de México

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Publicado: 9/10/2024 · 10:36 a.m. MX | Actualizado: 9/10/2024 · 10:36 a.m. MX

In August of this year, Mexico increased its share of trade with the United States to 16.1 percent, breaking a three-month streak of market share losses. According to data from the U.S. Census Bureau, by the eighth month of this year, Mexico not only remained the U.S.‘s top trading partner but was also the only country among the major partners to register growth, which was 0.6 percentage points higher compared to the previous July.

Canada held the second spot with a market share of 13.7 percent, followed by China with 11.3 percent, Germany with 4.4 percent, and Japan with 4.0 percent. Together with Mexico, these countries represent 49.5 percent of the United States' total trade.

This increase in market share was reflected in U.S. imports from Mexico, which amounted to $43.7482 billion, after two consecutive months of declines. This resulted in a 4.3 percent monthly increase and a 4.9 percent year-over-year increase.

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The growth led to imports from Mexico representing 15.8 percent of the United States' total imports, according to Gabriela Siller Pagaza, Director of Financial Economic Analysis at Grupo Financiero Base.

Meanwhile, U.S. exports to Mexico reached a historic high, totaling $30.0215 billion, representing a nominal growth of 4.5 percent compared to the previous July and 3.5 percent year-over-year.

The three main sectors of U.S. imports from Mexico accounted for 63.8 percent of the total, which were: transportation equipment manufacturing with 33.5 percent, computer and communication equipment manufacturing with 20.9 percent, and electrical accessories and appliances manufacturing with 9.4 percent.

Información publicada originalmente en El Heraldo de México.

El Heraldo de México