Coronavirus might open a niche of opportunity to Mexico, says Cepal
MEXICO – The international crisis of the coronavirus has infected Mexican exports with uncertainty, particularly the automotive and food sectors. However, it would also open opportunities to expand markets, experts and businessmen consulted by Efe explained.
After confirming the first cases of COVID-19 in Mexico, the U.S. dollar surpassed the barrier of MXM$20 pesos at bank tellers and MXM$19.86 at the interbank, which had not occurred since last September, accumulating a depreciation of almost 4% for a week.
On the other hand, Alicia Bárcena, executive secretary of the Economic Commission for Latin America and the Caribbean (Cepal), recalled that in these situations there are always winners and losers, so even Mexico could take advantage of the gaps left by China.
“Chinese exports are declining, because in addition manufacturing in China has also stagnated. So if that can open up a niche of opportunity for Mexico and Central America, which are manufacturing countries, it is likely that it will,” explained Bárcena.
China is Mexico’s second largest trading partner, since the exchange with this Asian country represented 9.9% of Mexican trade in 2018.
Source: El Imparcial