Even so, the Aztec country remained the first partner of its northern neighbor in merchandise trade, with a share of 15.8%, followed by Canada and China.
Lower consumption in the United States partly caused the 2.9% year-on-year drop in Mexican exports of products to that market last March, to US$41,563 million.
In the opposite direction, imports to Mexico from the United States registered a decrease of 8.1% in the same month, to US$ 26,091 million.
Even so, Mexico remained the first partner of its northern neighbor in merchandise trade, with a share of 15.8%, followed by Canada (14.8%) and China (10.7%), according to data from the Census Bureau.
Considering the entire first quarter, Mexican exports to the United States grew 3.8%, to US$115,494 million.
At an annual rate, the average growth in US consumption of goods in the first quarter was 2.0%, which implies a slowdown from 3.3% in the fourth quarter of 2023.
“The growth of exports can accelerate again, but for this it is necessary for manufacturing production in Mexico to grow sustainably, recovering from the stagnation observed in the first months of the year and for consumption to accelerate in the United States, mainly of goods. , something that is not ruled out towards the second half of the year, due to the electoral process in that country,” Banco Base said in an analysis.
Last March, US imports of products were US$259,145 million, an amount 1.4% lower at the annual rate.
At the same time that United States purchases from Canada decreased 8.9%, to US$34,218 million, those from China fell 2.8%, to US$29,941 million.
From Banco Base's point of view, the growth of Mexico's total exports is supported by the expectation of economic growth in the United States close to 2.2% annually, according to a central scenario and an acceleration of the consumption of goods during the second half of the year, during the electoral period in that country. Likewise, exports could find a boost from a depreciation of the peso during the second half of the year.
External sales of goods from the United States to the world had an interannual decrease of 2.9% in March, to US$ 179,326 million.
Shipments from that origin to Canada fell 3.2%, to US$30,859 million, and those destined for China fell 9.9%, to US$12,772 million, at interannual rates.
The GDP of the United States increased by 0.4% in the first quarter of 2024, which is half of the 0.8% growth recorded in the last quarter of 2023.
However, according to an Invex analysis, some components of domestic demand remain firm even as interest rates remain high. “Despite the slowdown, we maintain the expectation that the United States will not fall into recession,” he added.
With the previous results, the United States reported a deficit in product trade of US$ 79,819 million in March. Separately, its negative balance with Canada totaled US$3,360 million, while the corresponding balance with Mexico was -US$14,662 million and with China it was -US$17,169 million.
