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| Mexico replaces China as the country exporting the most goods to the US. (Source: Honglong News) |
According to the latest data from the US Department of Commerce, Mexico's exports to the world's No. 1 economy in 2023 increased by 4.8%, while the amount of Chinese goods sold to this market decreased by 20.3% with a total value of more than 427.2 billion USD.
In 2002, Mexico also surpassed the "Asian giant" to become the largest supplier of goods to the US market when it reached an export turnover of 134.6 billion USD, surpassing China's export turnover of 125.2 billion USD.
2023 also marks the second time Mexico has become the largest trading partner of the world's number 1 economic power, with bilateral trade value reaching 798 billion USD, an increase of 3% compared to 2022 and accounting for 15.7% of the total global trade turnover of the US.
With this achievement, Mexico has left Canada far behind in second place with 15.2% and total trade turnover with the US is 774.3 billion USD, while China is in third place with 11.3%, equivalent to 575 billion USD.
Since 2018, when then-US President Donald Trump initiated a trade war with Beijing, increasing tariffs on goods originating from China to reduce the deficit, the country's trade turnover with the US has gradually decreased.
The trade war between the two economic powerhouses has created many export opportunities for Mexico and Canada.
In addition, in recent times, Mexico has also benefited from the wave of near-shoring investment, especially in the post-Covid-19 period when multinational corporations moved their operations from other parts of the world to this Latin American country to take advantage of its proximity to the US - the world's largest consumer and production center.
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