• SLOWDOWN: Mexico remained the US trading partner through October of this year with total trade amounting to USD 517 billion but Mexican exports to the US fell 2.5% with respect to the same month of last year, making it the worst month in three years, according to data released by the US Census.
• AT TOP: However, Mexico remained in October at the top of the US international trading partners followed closely by Canada (total trade USD 514 billion) and China (total trade USD 469 billion) partly a reflection of the US-China tensions that have hit trade between both countries.
• NEGOTIATIONS: This week, Mexican and US trade negotiators have been trying to hammer some adjustments (mainly on labor enforcement) to the new US, Mexico and Canada trade agreement (USMCA) that could satisfy the US House Democrats for it to be considered for ratification this year.
• UNCERTAINTY: “Uncertainty remains about Mexico’s trade relations with the US, as the USMCA has not yet been ratified by its North American trading partners”, said the International Monetary Fund (IMF) in November assessing the elevated external risks to the Mexican economy.
