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Mexico Surpasses China as Largest Exporter to the U.S.

by Administrator Forexezy
September 19, 2023
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In recent news, Bloomberg has reported that Mexico has overtaken China as the largest exporter to the U.S. While utilizing a complex formula based on the 12-month rolling average of U.S. imports, their analysis may overlook the fact that Mexico has held this title throughout 2023.

Although slight discrepancies exist between the two data series, they do not significantly alter the overall narrative. Bloomberg’s data is more current as it is based on documents collected by the U.S. Customs and Border Protection. On the other hand, the balance of payments data is adjusted to align with gross domestic product calculations and is produced quarterly rather than monthly. There are also some distinctions in terms of what is categorized as imports, including purchases made by the U.S. military abroad or fuel purchases made by U.S. air and ocean carriers in foreign ports.

Regardless of which report is used, the underlying story remains the same: the trade relationship between the U.S. and China is deteriorating, leading companies to seek friendlier government environments, such as that found in Mexico.

Moreover, there is a financial aspect to this narrative. The Mexican peso has experienced substantial growth against the Japanese yen, making it one of the most lucrative currency pairs this year. With a staggering 28% surge in value, the peso has outperformed expectations. In contrast, the dollar has only climbed 5% against the offshore Chinese yuan.

As we analyze these trends, it becomes clear that Mexico’s prominence as a major exporter to the U.S. is more than just a passing phase. It signifies a significant shift in global trade dynamics, with Mexico emerging as a formidable player in the international market.

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