US Mexico: Mexico becomes top U.S. trading partner in January
Total trade, adding exports and imports of Mexico with the United States amounted to $49,165 billion dollars during January 2020, reported Friday the U.S. Commerce Department.
Although this amount was 0.9 percent lower than what was observed during January 2019, it was enough for Mexico to remain the main trading partner of the world's largest economy.
Within the trade, the balance was observed that during the first month of the year, Mexico sold more than it bought from the United States, a situation that had not been repeated at the beginning of the year since 2016.
Mexican exports to the U.S. amounted to 28.331 billion dollars, representing an increase of 2.3 percent annual rate.
In this way, shipments from Mexico to the U.S. territory were at their highest level for the month of January.
In turn, Mexican imports were equivalent to $20.834 billion dollars, a figure that meant a contraction of 4.9 percent annually.
Mexican purchases from the U.S. showed their weakest start to the year in the last three years.
The Mexican market represented 15.1 percent of total U.S. foreign trade, this contribution was found above that observed in other countries like Canada (14.7 percent), China (12.4 percent), Japan (4.9 percent), Germany (4.5 percent), South Korea (3.5 percent), United Kingdom (3.2 percent), India (2.4 percent), Taiwan (2.3 percent) and Vietnam (2.1 percent).
Mexico closed 2019 as the main trading partner of its northern neighbor, overtaking China and Canada. These three countries account for about 43 percent of U.S. trade worldwide.
The first time the country was a major trading partner of the United States was in January 2019, largely as a result of the trade war between the government of President Donald Trump and China.
In 2019, Mexican shipments to the U.S. recorded historical figures, reporting an accumulated $358.126 billion dollars, which meant an annual growth of 3.5 percent.