Puerto Vallarta (PVDN) – In March, Mexico’s exports to the United States reached a record-breaking $42 billion, reflecting a year-on-year growth of 5.9%, according to the Census Bureau’s recent announcement on Thursday.
During the same period, Mexico retained its position as the United States’ leading merchandise trade partner, holding a 16.1% share, followed by Canada (15.5%) and China (10.1%).
U.S. goods exports to Mexico totaled $29 billion in March, marking an annual increase of 2.6%. Moody’s suggests that the recent decline in the U.S. dollar may support exports this year; however, its value remains relatively high compared to historical levels. Furthermore, uncertainties surrounding global financial institutions’ solvency and bond market volatility dampen confidence in currency market prospects.
In March, Canada experienced a 7.2% year-on-year drop in foreign sales to the U.S. market, amounting to $37 billion, while China’s sales to the same market plunged 35% to $30 billion. Consequently, Mexico emerged as the leading external supplier of products to the United States.
Conversely, U.S. exports to Canada amounted to $31 billion, a 1.9% decrease, while shipments to the Chinese market were valued at $14 billion, representing a 6.0% year-on-year growth. As a result, Canada remained the top destination for U.S. exports, with Mexico coming in second.
Data from the Economic Commission for Latin America (ECLAC) revealed that the foreign sector did not contribute to the United States’ annual economic growth in 2022. The net exports negatively impacted growth by 0.4% in 2022.
The U.S. current account deficit, which encompasses the combined balances of trade in goods, services, and income flows between U.S. residents and those in other countries, rose by $97 billion or 12% in 2022 compared to the previous year. This increase, however, was significantly smaller than the 39% and 37% expansions recorded in 2020 and 2021, respectively.
Following a sudden, significant surge in the first quarter of 2022, the U.S. current account deficit contracted during the last three quarters of the year, as reported in the U.S. Bureau of Economic Analysis’s preliminary release on international transactions for the fourth quarter.
Puerto Vallarta (PVDN) - In March, Mexico's exports to the United States reached a record-breaking $42 billion, reflecting a year-on-year growth . . .
