The commercial agreements that Mexico maintains with different countries of the world have potentiated Mexican trade, mainly it has benefited from the agreements with the United States and Canada in the USMCA.
Mexico is one of the main trading partners of these two countries, so in 2021 it became the second trading partner of the United States, after Canada, in addition to the fact that 80% of Mexican exports are destined for this country, mainly of technology industries such as vehicle manufacturing, computers, electronics, and machinery.
According to the 4th Government Report presented by President Andrés Manuel López Obrador, the T-MEC “helped to promote the integration of the country’s companies in the production / supply chains of North America, in addition to taking advantage of the leading global exporter in the region to drive post-COVID-19 economic recovery.”
In this sense, Mexico’s trade with its USMCA partners in 2021 stood at 645 thousand 428 million dollars (mdd), which represented 64.5% of Mexico’s total trade and an increase of 7.3% compared to 2019, the year in which it added 601 thousand 646 million dollars.
In recent days, the government of Mexico delivered to the Congress of the Union the 2023 Economic Package, in which it is stated that one of the objectives for this treaty in the future is to act as a catalyst to increase the national content of Mexico’s exports. our country.
Thus, according to the document, after the trade disputes between the United States and China, an opportunity is created for Mexico to substitute more than 500 billion dollars of products, considering that in 2019 the United States and Canada imported 507.3 billion dollars from that country. .
In addition, the government highlighted that Mexico’s exports have an added value from the rest of the world of 160.9 billion dollars annually, and considering the tensions of the neighboring country to the north with China and Europe, ” Mexico’s exports have the potential to substitute the added value of these regions for up to 54.5 billion dollars annually”.
The Government of Mexico explained that this may be possible thanks to the fact that Mexico is the eleventh country with the largest volume of merchandise exports and the thirteenth with the largest imports, with a level of merchandise trade of 811 billion dollars in 2020, according to with the World Trade Organization (WTO).
Likewise, our country had the largest participation in global trade of Latin American countries by more than double that of the second place, Brazil, with a level of merchandise trade of 376 billion dollars.
In addition, Mexico ranked as the main exporting country in Latin America in 2020, with a level of 417 billion dollars, also doubling what was done by Brazil with a level of 209 million dollars.
On the other hand, the government also highlighted the figures of foreign direct investment (FDI) reached by Mexico in the latest report of the United Nations Conference on Trade and Development (UNCTAD, for its acronym in English), where it was the ninth country with the highest FDI reception in 2020, with 29 billion dollars, with which it rose five places in the world ranking after being placed fourteenth in 2019.
Thanks to this, Mexico is proposed as a candidate to cover the commercial needs of its partners, in addition to being an important player in nearshoring, where countries see it as a good option to relocate their companies.