US-Mexico Trade Hits Record $415B in First Half of 2024

Record-breaking trade between the US and Mexico hits $415B in first half of 2024!

Key Stats:

• US-Mexico trade: $415.4B (Jan-Jun 2024)

• US-Canada trade: $382.6B

• US-China trade: $269.2B

Mexico's Dominance Continues:

• 6th consecutive month as top US trade partner

• 16 out of 17 months overall

June Highlights:

• Mexico-US trade: $69.93B (up 2.1% YoY)

• Exports to US: $42.2B (up 2.8%)

• Imports from US: $27.7B (up 1.1%)

Top Mexican Exports:

1. Computers: $4.4B

2. Passenger vehicles: $4.1B

3. Commercial vehicles: $3.3B

Laredo, TX: America's #1 Trade Gateway

• 15 months straight as top-ranked port

• June trade: $27.8B

• July truck crossings: 258,924 (up 9.4% YoY)

Looking Ahead:

Based on historical patterns, Mexico is projected to continue gaining import share from China in 2024. Elliot Brazil, Director of Pricing Strategy at NFI, conducted research on the average proportion of full-year totals represented by Jan-Jun data from 2014 to 2023. Using the historical pattern, projections of the full year total for 2024 was created:

From their estimation, Mexico is potentially slated to continue gaining an import share from China. Only time will tell if this prediction will come to fruition.

Source: Freight Waves | Elliot Brazil\LinkedIn