Home Economy China snatches Mexico’s first place as a United States trade partner

China snatches Mexico’s first place as a United States trade partner

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The total trade between China and the US between January and October exceeded only by almost 5 billion dollars the trade between Mexico and its northern neighbor.

China began the last quarter of the year as the United States’ top trading partner, according to data released by the US Census Bureau.

Between January and October, total trade (adding exports and imports) between the US and China amounted to 444 thousand 541 million dollars, a figure higher than the 439 thousand 677 million dollars that Mexico and its northern neighbor exchanged.

Taking cumulative figures into account, this is the first time since December 2018 that China has been at the top of this list.

On a monthly basis, Mexico has only been the main trading partner of the United States three times, specifically during the first quarter of 2020, while in the rest of the year, China has been at the top.

The main force of the Chinese market in the US exports: At the end of October, shipments from China to US soil have registered a value of 348 thousand 718 million dollars.

This figure is 31.13 percent higher than the exports that Mexico sends to the US.

What allows Mexico to ‘level the playing field’ is the imports it makes with its northern neighbor since during 2020, China has only bought merchandise worth 95 thousand 824 million dollars, while the Mexican market has made imports that amount to 173 thousand 742 million dollars.

Thus, Mexico’s imports with the United States are 44.85 percent higher compared to China.

The trade war between the US and China led Mexico to close 2019 as the main trading partner of the world’s largest economy.

Currently, China represents 14.4 percent of the total trade that the United States carries out with the world, followed by Mexico, which contributes 14.3 percent, Canada (14 percent), Japan (4.9), Germany (4.6), South Korea (3.4) , United Kingdom (2.9), Switzerland (2.6), Taiwan (2.4) and Vietnam (2.4).

Mexico breaks record of exports to the US

In October, Mexican exports to the United States amounted to 33,149 million dollars, which represented the highest amount sent to the United States, in a single month, since there are records.

This figure was 6.7 percent higher than that observed in October 2019, confirming the rapid recovery of national exports after the collapse caused by the COVID-19 pandemic.

At the same time, imports also show an upward trend, since purchases worth 20 thousand 508 million dollars were made during October, which represented their highest level since January of this year.

Source: elfinanciero.com.mx, eleconomista.com.mx

Mexico Daily Post

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