Mexico was the largest exporter to the U.S. in 2023

Mexico was the largest exporter to the U.S. in 2023

MEXICO - Mexico became the largest exporter of products to the United States for the first time in 2023, after 16 years of China's dominance in said position.

With the accumulated data as of November, released by the Census Bureau, Mexico has already secured the first position in this indicator.

In the first 11 months of 2023, Mexican exports grew by 4.8% year-on-year, reaching 438,986 million dollars.

Meanwhile, shipments from China to that market totaled 393.137 billion dollars, a year-on-year drop of 21.2 percent.

In third place, Canada exported goods to its southern neighbor for 387.727 billion dollars, a 4% year-on-year decrease.

In addition, Allianz Group, a German multinational financial services company, highlighted that China lost its place as the United States' largest trading partner to Mexico.

"Amid this reorganization of trade and investment patterns, several emerging economies stand to benefit, and the first benefits will be enjoyed by economies that remain in close proximity to the United States, both in terms of physical and geopolitical distance," Allianz said in a report.

In fact, from January to November 2023, Mexico accounted for 15.8% of total trade flows (imports plus exports of products) of the U.S. economy, followed by Canada (15.2%) and China (11.3%).

Mexico's advantage was also observed considering only last November, when Mexican shipments to the United States grew by 8.1%, to 39.81 billion dollars.