Manufacture shipments from Mexico to the U.S. reach an all-time high
According to the Bank of Mexico, the manufacturing export record peaked at US$306 billion from January to November 2016, out of which US$257 billion were shipped out to the U.S., that is, 83.8%: this has been the largest percentage since 2006, when an 85.9% dependence rate was recorded. Jose Luis De la Cruz, Director of the Institute for the Industrial Development and Economic Growth, weighed in that a greater commercial dependence to the U.S. makes Mexico more susceptible to the customs policies Trump is planning to apply during his presidential term. On the other hand, Mario Correa, Chief Economist in Mexico for Scotiabank, underscored the need to diversify Mexican foreign commerce and make the most of trade agreements with other nations. According to the Ministry of Economy, Mexico has 12 FTA with 46 different countries, however, an industrial policy to favor enterprises’ development is necessary, thus escalating productivity and competitiveness in order to operate such commercial agreements, stated De la Cruz.