Mexico's exports to the United States grew 7.8% annually to a record US$41.94 billion, but its share of total U.S. purchases fell to 14.6%, while China regained ground with a share of 14.2 percent.
Mexican exports grew 7.8% in July to a record US$41.94 billion, marking five consecutive months of increases and, in fact, improving their year-on-year performance after advancing 2.8% in June, according to the report on the United States trade balance, released this Wednesday by the Census Bureau of that country.
The performance was outstanding, however, Mexican sales grew this time below the average increase in global exports to the United States, which was 12.7 percent.
On the contrary, for the first time since August 2022, Chinese exports rose more than the average of sales from other external suppliers, growing 13.1% during the seventh month of the year to US$ 40,837 million. The figure is only US$ 1,104 million lower than the value of Mexican shipments.
As a result, Mexico lost market share in U.S. purchases and China regained some ground.
In the first case, the rate fell from 15.9% to 14.6% between June and July (its lowest level since 14.5% in January 2023), and in the second, it grew from 12.8% to 14.2% (its best figure since 15% in October 2023).
Even if it is only for a month, this change is striking after China's systematic loss of market share in the United States following almost six years of trade war between Washington and Beijing.
In 2017, prior to the outbreak of the tariff war between the two powers, China reached its largest share of the US import market, reaching almost 21 percent.
MEXICO MAINTAINS TRADE SURPLUS
Meanwhile, U.S. exports to Mexico grew 8.7% in July to US$28.716 billion, so that our country recorded a record trade surplus of US$13.224 billion, 5.8% higher than that observed in the same month last year.
Mexico also retained its position as the United States' largest trading partner, with trade valued at US$70.657 billion, 8.2% higher than in July 2023.
Canada follows Mexico in importance with trade that grew 2.7% to US$ 63.499 billion, while China, likewise, remains in third place, with trade that rose 10% to US$ 51.549 billion.
From January to July, Mexican exports to its northern neighbor accumulated a growth of 5.8% to a record US$ 290.981 billion. The data is positive in the midst of the slowdown of the Mexican economy, however, it also reflects that foreign trade has not been able to compensate for the loss of dynamism in other components of aggregate demand such as consumption and fixed investment.
