Mexico is the top U.S. Trade Partner for 5th Straight Month
Mexico was the top U.S. trade partner in May, marking the fifth consecutive month and 15th of the last 16 months that Mexico has been first in trade with the U.S..
Mexico’s $73 billion trade total in May was a 6.3% increase from the same period in 2023. Canada ranked No. 2 for trade with the U.S. in May at $66 billion, and China ranked third at $46.1 billion.
Mexico’s exports to the U.S. totaled $44 billion in May, a 6.6% year-over-year increase, while imports from the U.S. to Mexico increased 6% to $29 billion.
For the 14th straight month, Port Laredo in Texas, was the leading international gateways for trade, according to Census Bureau data.
The Port of Los Angeles ranked No. 2 and reported $26.1 billion, while Chicago O’Hare ranked No. 3 at $23.4 billion.
Mexico accounted for $28.6 billion in trade at the Laredo port of entry in May, followed by China at No. 2 reporting $173 million and France at No. 3 with $87 million.
The top U.S. imports from Mexico in May were cars ($4.17 billion), computers ($3.67 billion), auto parts ($3.2 billion), commercial vehicles ($3.2 billion) and insulated wire and cables ($1.5 billion).
Top exports from the U.S. to Mexico during the month were gasoline and other fuels ($2.93 billion), auto parts ($1.93 billion), computer chips ($990 million), computer parts ($880 million) and low-value shipments ($820 million).
U.S. Rep. Greg Stanton of Phoenix, Arizona, a panelist at the Mexico Institute’s 10th Annual Building a Competitive U.S.-Mexico Border Conference, named nearshoring as the main driver for the continued trade growth between the two countries.
“Right now, this is such a important moment in US-Mexico relations, kind of what I call the nearshoring moment. This moment that if we take full advantage of it, with tensions with China. Given that Mexico is now our number one trading partner overall, we can grow that exponentially if we take advantage of it and have smart policies on our side and smart policies on the Mexican side,” Stanton said.
“And there is opportunity with his new administration, if they get it right, to see that trade relationship grow exponentially.”
