Mexico managed to be the largest exporter of products to the United States for the first time in 2023, after 16 years of China's dominance in that position, according to the Census Bureau with data accumulated as of November. In the first 11 months of 2023, Mexican exports grew 4.8% year-on-year, reaching US$438,986 million.

For its part, shipments from China to that market totaled US $393,137 million, a year-on-year drop of 21.2%. Occupying third place, Canada exported goods to its southern neighbor for US$387,727 million, a decrease of 4% year-on-year.

Check here: Solili Industrial Report 4Q 2023, national demand in 2023 contracted 20% compared to 2022

In addition, Allianz Group, a German multinational financial services company, highlighted that China lost its place as the United States' largest trading partner to Mexico, amid the reorganization of trade and investment patterns.

Indeed, from January to November 2023, Mexico covered 15.8% of the total trade flows (imports plus exports of products) of the US economy, followed by Canada (15.2%) and China (11.3%). .

Relocation (nearshoring) plays in Mexico's favor, which consists of the practice of subcontracting commercial processes or services to a nearby country. The trade war it maintains with the United States weighs against China, in addition to the fact that in 2023 the resurgences of Covid-19 cases affected its economy.

Of interest: Saltillo industrial market maintains automotive vocation during 2023

After displacing Canada in 2007, China dominated the US market due to its competitive costs, the development of its infrastructure, the scale of its economy, its integration into global value chains, its technological advances, the size of its domestic market and the particularity of competing in international free trade with a planned economy, among other factors.

Conversely, Mexico kept its imports from the United States unchanged in the first 11 months of 2023, with a cumulative total of US$299,407 million.

In Solili you can consult industrial warehouses available in Monterrey and Saltillo

Original note