US-Mexico Trade Hits $74B in August
U.S.-Mexico trade reached $73.77 billion in August, reflecting a 4% increase compared to the same month last year, according to the latest Census Bureau data. This marks the eighth consecutive month and 18 of the last 19 months in which Mexico has held the top position in trade with the U.S.
Canada ranked second in trade with the U.S. in August at $63 billion, while China was third at $51.8 billion.
For the first eight months of the year, trade between the U.S. and Mexico totaled $560 billion, compared to $509 billion with Canada and $373 billion with China.
The leading exports from Mexico to the U.S. during August included computers ($4.72 billion), passenger vehicles ($4 billion), and auto parts ($3.3 billion). Top imports from the U.S. to Mexico included gasoline and other fuels ($3 billion), auto parts ($1.74 billion), and computer parts ($1.73 billion).
The trend of nearshoring manufacturing to Mexico continues to drive cross-border trade. Jordan Dewart, president of Redwood Mexico, noted that there is increasing foreign direct investment in Mexico, with more companies expanding operations there.
While some companies, such as Tesla, are cautious pending the results of the upcoming U.S. election, others, including BYD, are actively investing in Mexico. Much of this investment is coming from Asia, particularly China, contributing to rising port volumes on the West Coast of Mexico.