Mexico, the main commercial partner of the US
After China was displaced in 2019 as the United States’ first trading partner, Mexico has established itself as the main exporter and importer of the North American country.
According to data from the Census Bureau, during the first quarter of 2020 Mexico had a joint participation of 15.3% in trade flows, the highest on record. Furthermore, despite the fact that in March there was a 3.9% year-on-year drop in Mexican exports to the United States, Mexico maintained its position as commercial leader in the first three months of this year.
Disruptions in supply chains due to the health emergency COVID-19, structural changes in world trade, and the internal crisis in the World Trade Organization (WTO) are just some of the challenges that both nations have faced.
However, in order to boost the economy after the pandemic, the T-MEC between Mexico, the United States and Canada, is expected to be valid from July 1. This way, the three countries seek to provide certainty to exporters and investors, in order to achieve recovery in trade by the end of the year.
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Source: El Economista