Trade between the US and Mexico, a close-up look: 2022
Trade tensions between Mexico and the United States have not been a factor for the flow of bilateral trade to lose dynamism, since during the first half of the year the sum of exports and imports reached a new historical maximum of 384 thousand 669 million dollars, according to with statistics published by the US Census.
Regarding the first half of 2021, where an amount of 320 thousand 300 million dollars was registered, bilateral trade was 20 percent more than in that period, however, a year ago Mexico positioned itself as the first commercial partner of the United States. United States, surpassing Canada and China.
The figures show that from January to June 2022, the United States exported 160 thousand 612 million dollars in merchandise to Mexico, 20 percent more than in the first half of 2021. Meanwhile, imports from Mexico totaled 224 thousand million dollars, an equal growth of 20 percent compared to the first half of 2021. The accumulated figures to
June of this year, adding exports and imports, resulted in a deficit trade balance with Mexico of 63 thousand 444 million dollars.
In the month of June alone, the Census reported exports to Mexico for a value of 28.5 billion dollars (18 percent more than in June 2021), and imports from Mexico for 39.4 billion dollars (19 percent more than June). June 2021). With these figures, Mexico had a 14.5 percent share in the global trade of the United States in the sixth month of the year
(Information from El Financiero)
On September 12, the second annual meeting of the High-Level Economic Dialogue between Mexico and the United States was held. The relationship between both countries is the most important in commercial terms for Mexico, and it is also fundamental for the United States. Mexico is the second largest supplier of imports to the US, and is the main supplier to 9 of the 50 states in the country. Its importance has increased over the last decades, since even 14 years ago it was only the main supplier of 4 states and had a smaller market share than Canada, in addition to China.
The US state where Mexico has the greatest importance as a supplier of imports is New Mexico, where it has sent more than 1.4 billion dollars in products in the first 7 months of 2022. So far this year, Mexico has been its main supplier, contributing 38.45% of its total imports. In certain items, such as the import of products for agriculture, waste, agricultural and livestock products, among others, Mexico is practically the only supplier. In others, such as transportation equipment, textile products and plastic, Mexico contributes more than 50% of imports.
In Michigan, although the importance of Mexico is similar (it contributes 38% of imports), it is stronger in different product categories: 65% of imports of leather and related products are Mexican, 56% of imported transport equipment they come from Mexico, and there is also a high Mexican participation in furniture, agricultural products and those from the textile factory. Michigan has imported more than $33.4 billion from Mexico so far in 2022.
Lastly, Texas economy is also highly connected to Mexico; the Texan economy is the second largest in the US. So far this year, Texas has imported nearly $81 billion worth of Mexican goods, more than double what Michigan imported. In total, 36% of the imports made by Texas come from Mexico, and the country is its supplier. In agricultural products and for agriculture, as well as in transport equipment and waste, Mexico contributes between 50% and 99% of purchases abroad.
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