TREND: In January and February 2022, Mexico tied with China as the US’s top trading partner totaling US $113.2 billion each. Canada came in third place with US $112.9 billion after closing 2021 as the US’s first trading partner. US-Mexico trade continues to strengthen with double-digit increases in January (17.3 percent) and February (16.04 percent), compared to the same months last year.
•Mexico’s exports to the US grew 0.16 percent in February (totaling US $23.7 billion) after suffering a a 0.27 percent decline the previous month. Mexican imports from the US in February (US $32.5 billion) decreased by 2.17 percent compared to January. During the current year however, both Mexican exports to the US and Mexican imports from the US are up more than 16.9 percent and 16.5 percent respectively compared to 2021.
•For the month of February, Mexico was the top trade partner of the US while Canada was second (exports and imports combined). Total US-Mexico trade in February equaled US $56.3 billion (14.6% of total US trade), which was greater than Canada (US $56.2 billion) and China (US $53.9 billion). In February, China-US traded declined by 9.1% compared to the previous month. The top 5 US trade partners are still 1. Mexico, 2. China, 3. Canada, 4. Japan, and 5. Germany.
US Total Trade with Mexico, Canada & China, 2022 (by month, US billions)
•As of February 2022, Mexico continues to be the second top market for US products, at 15.7 percent. Canada’s continues to be the leading importer of US goods (16.7 percent share). Meanwhile, US exports to China decreased for a second month in a row.
Mexico, Canada and China imports from the US 2022 (by month, US billion)
•China is still the top source of US imports (18 percent of total) although they were down 1.2 percent from January. Mexico’s share of total US imports slightly increased this month by 0.44%, while reaching 13.8 percent. Meanwhile, Canada’s share of US imports also increased slightly its share by .2%.
Mexico, Canada and China exports to the US, 2022 (by month, US billions)
•In February, the top ten Mexican exports to the US were: 1) Vehicles and Parts; 2) Nuclear Reactors, Boilers; 3) Electric Machinery; 4) Mineral Fuel Oil 5) Optic Photo; 6) Furniture; 7) Edible Fruit & Nuts; 8) Beverages, Spirits; 9) Edible Vegetables & Certain Roots & Tubers; 10) Plastics.
•Mexico’s top ten imports from the US in February were: 1) Electric Machinery; 2) Mineral Fuel Oil 3) Nuclear Reactors, Boilers; 4) Vehicles and Parts; 5) Plastics; 6) Special Classification Provisions, Nesoi; 7) Optic Photo; 8) Cereals; 9) Organic Chemicals; 10) Iron and Steel. If you’re interested in seeing these trends visually, check out AmCham’s trade dashboard here.
TAKEAWAY: Although February saw a decrease compared to January (and also compared to the end of 2021), total US trade with Mexico have increased significantly as compared to 2021. During the recent years, China usually began as the top US’s trading partner but ended the year in third place. It will be interesting to see how global supply-chain challenges along with the potential end of the Covid-19 pandemic could impact these trend in 2022.
* Spotlight by María Dolores Pérez, AmCham/Mexico’s Trade & Investment Center Manager and Gaby Valdés, Trade & Investment Center Specialist. The American Chamber of Commerce of Mexico (AmCham/Mexico) seeks to facilitate commercial integration between Mexico and the US, build a favorable business environment, and contribute with proposals to consolidate Mexico’s competitiveness and development as a top destination for American investment. By connecting companies and sharing trends and market intelligence, its Trade & Investment Center boosts cross-border business. Twitter: @amchammexico