Mexico replaced China as America's top trade buddy -- and it shows how the global economy is rapidly
Source: Insider
Mexico replaced China as America's top trade buddy — and it shows how the global economy is rapidly transforming
Cork Gaines
Sun, August 20, 2023 at 9:54 AM EDT·4 min read
• Trade between the US and Mexico reached $263 billion during the first four months of this year.
• That pushed Mexico past China and Canada as its top trade partner since the start of the pandemic.
• China was America's top partner for much of the 2010s and again at the start of the pandemic.
Meet America's new, old best friend in the world economy.
According to a new post from Luis Torres, a senior business economist at the Federal Reserve Bank of Dallas, Mexico has once again cemented its place as America's top trading partner, with $263 billion worth of goods passing between the two countries in the first four months of this year. Trade with Mexico accounted for 15.4% of goods exported and imported by the US, just ahead of America's trade totals with Canada and China, which were 15.2% and 12% respectively.
Even as the world moves on from the height of the pandemic, Mexico's ability to take the top spot away from China — which had spent the last two decades integrating itself further into the US economy — is a clear sign of how the economic chaos of 2020 is set to continue to define the world economy for years to come.
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Read more: https://news.yahoo.com/mexico-replaced-china-americas-top-135446986.html
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