Mexico Achieved a Record High in Exports to the US in May
Mexico consolidated its position as the main trading partner of the United States by recording a historic record in its exports during May of this year.
Sales of Mexican goods to the northern neighbor reached 43.88 billion dollars, according to data from the US Census Bureau. The amount of exports from Mexico to the US has been on the rise since December 2023, when a figure of 36.61 billion dollars was reported.
It should be noted that since December 2023, when an amount of 36.61 billion dollars was reported, shipments of Mexican products to the US have continued to rise, as this is the fifth consecutive increase.
This figure not only represents the highest point in the history of Mexico’s monthly exports to the United States but also reflects a 6.1 percent growth compared to May of 2023.
The Census Bureau revealed that in May, Mexico’s position as a key supplier to the US economy was consolidated, with a market share of 15.9 percent.
On the other hand, the accumulated total for the first five months of 2024 also showed positive figures, as Mexican exports to the United States totaled 206.80 billion dollars, setting another record and representing an increase of 6.2 percent compared to the same period last year.
It is worth noting that the outstanding performance of Mexican exports occurs in the context of the reconfiguration of global supply chains. The USMCA, which came into effect in July 2020, strengthens trade ties between Mexico and the United States.
Janneth Quiroz, director of economic analysis at Monex, highlighted the importance of these results by noting that Mexico continues to position itself as the main supplier of goods to the US, which is very positive considering that about 40 percent of the country’s GDP is explained by exports.
Quiroz pointed out that positive structural factors, such as the USMCA, have laid the foundation for these results, in addition to the trade war between the US and China, from which Mexico has benefited by acting as a substitute for many goods demanded by the US.
“Although we do not yet see a significant rebound in new investment, the fact that we have had substantial increases in existing investments is helping the established capacity to become increasingly efficient,” she said.
For his part, John Soldevilla, CEO of ECOBI, noted that after two good years of exports to the US in 2021 and 2022, with increases of 18 percent each, they significantly moderated in 2023, but this year they are recovering.
He explained that recent rates are unstable with highs and lows due to the stagnation of the US industrial sector in 2023 (0.2 percent) and the modest growth projected for this year (0.7 percent). However, he was optimistic about the future.
“Nearshoring will be important, especially for manufacturing, which accounts for 90 percent of the total and is what the US buys from us. By 2030, almost 95 percent of what is exported will be manufacturing,” he added.
With information from El Financiero.
