Mexico exported products to the United States worth 42.825 million dollars in March, which is the highest level for a month and a year-on-year growth of 5.9%, the Census Bureau reported Thursday.
At the same time, Mexico remained the first partner of the United States in merchandise trade in March, with a share of 16.1%, ahead of Canada (15.5%) and China (10.1 percent).
On the side of exports of US goods, shipments totaling 29.273 million dollars were directed to Mexico, an annual increase of 2.6%.
According to Moody’s, the recent fall in the US dollar may provide some support for exports this year, but its value remains quite high compared to its historical benchmarks and the high level of uncertainty surrounding the solvency of global financial institutions, as well as like bond market volatility, reduce confidence in the outlook for currency markets.
Canada registered a 7.2% year-on-year drop in its foreign sales to the US market in March, to 37,558 million dollars; while those from China to that same destination plummeted 35%, to 30.790 million.
With this, Mexico was positioned as the first external supplier of products in the United States.
In the opposite direction, US exports to Canada were 31.817 million dollars, representing a decrease of 1.9%, while its shipments to the Chinese market were estimated at 14.181 million, a growth of 6.0%, year-on-year.
Thus, Canada was the first destination for US exports and Mexico, the second.
According to data from the Economic Commission for Latin America (Cepal), the foreign sector did not support annual economic growth in the United States in 2022. There was a negative contribution from net exports, which subtracted 0.4% from growth in 2022.
The current account deficit of the United States, which reflects the combined balances of trade in goods and services and income flows between residents of the United States and residents of other countries, increased by $97 billion in 2022 compared to 2021, that is , 12 percent.
However, it was a much smaller increase than in the previous two years, when the current account expanded 39% in 2020 and 37% in 2021.
After a sudden substantial increase in the first quarter of 2022, the US current account deficit narrowed in the last three quarters of 2022, according to the US Bureau of Economic Analysis’s fourth-quarter preliminary release on international transactions.
