Mexico emerged as the top trading partner of USA

 Mexico kicks off this year as the top trading partner of the United States. Earlier in the Financial year 2022, China was the top trading partner for the United states. According to the US trade data reports, China had a total trade of 537 billion US Dollars.

Whereas Mexico was the second largest trading partner of the United States followed by Canada, Japan, Germany, Vietnam, South Korea, Taiwan, India, Ireland and Italy. As per Mexico import export data, the total imports exports from Mexico were around 454 billion US Dollars in FY 2022.

While 2023 reports reflect that Mexico has emerged as the top trading partner of the United States. According to the Mexico customs data, the overall trade enhanced by 12% in FY 2023. The total trade with the US was around 64 billion US Dollars. While Mexico export data indicates that the total exports were 27 billion US Dollars.

On the other hand, the imports accounted for 37 billion US Dollars in 2023. As per US import data, vehicles, auto parts, computers, broadcasting equipment, oil & gas etc are the top imported products of the US from Mexico. Whereas, according to US export data, the top imports done by Mexico were Machinery, Electrical Machinery, Vehicles, Plastics, Mineral fuels etc.

Mexico-US Agricultural Trade Overview

The United States is an important trading partner of Mexico in terms of Agricultural exports. According to the Mexico import data, the top agri imports from the US were mainly corn, soybeans, oilseeds, sugar, tropical fruits, vegetables, beef, pork and animal feeds etc. Mexico accounted for over 15% of total US agri exports with worth 41 billion dollars..

On the other hand, the US had a 23% share of total agri exports of Mexico with a total value of 47 billion US Dollars. In the financial year 2022, the USA did maximum imports of beer, beverages, peppers, grains, biscuits, wafers, vegetables and fruit juice etc. In the future, the agri exports from Mexico to the US will seek a positive growth.

Mexico Trade Overview

Currently, Mexico stands as the 15th biggest economy in terms of Nominal GDP. In the financial year 2022, the total exports from Mexico were 524 billion dollars. Mexico’s top exports were mostly Computers, accessories, Televisions, Crude oil, Commercial Vehicles, Tractors, Plastics, Medicaments, Plastics, Avocado, Tequila and beer. USA, Canada, China, Taiwan and Germany were the top importers of Mexican goods.

On the other hand, Mexico imports were 604 billion US dollars in 2022. Electrical Machinery, Nuclear Reactors, Mineral Oils, Motor Vehicles, Vehicles, Plastics, Optical Instruments and Organic Chemicals are the top products imports of Mexico. Mexico's major import markets are the United States, China, Germany, South Korea and Japan.

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