US-Mexico Trade Surpasses $415B Through First Half of 2024
Mexico Remains Top U.S. Trade Partner
Mexico solidified its position as the United States' top trading partner, with bilateral trade reaching a record $415.4 billion in the first half of 2024, according to Census Bureau data. This surpasses the previous record and marks a significant increase over the same period in 2023.
June alone saw $69.93 billion in trade between the two nations, representing a 2.1% year-over-year growth. This marks the 16th time in the past 17 months that Mexico has held the top spot. Canada and China followed in second and third place, respectively.
Laredo, Texas, Continues Dominance as Trade Gateway
Laredo, Texas, maintained its title as the busiest U.S. trade port for the 15th consecutive month. The border crossing handled $27.8 billion in trade in June, surpassing the Port of Los Angeles and Chicago O'Hare International Airport.
Key Trade Highlights
- Mexico exported $42.2 billion in goods to the U.S. in June, with computers, passenger vehicles, and commercial vehicles leading the way.
- U.S. exports to Mexico totaled $27.7 billion, with gasoline, auto parts, and computer chips as top imports.
- Laredo processed nearly 250,000 commercial truck crossings in June, experiencing a slight decline but rebounding with a 9.4% increase in July compared to the previous year.
These figures underscore the deep economic integration between the United States, Mexico, and Canada.