Boosted by shipments of cars, computers, auto parts and commercial vehicles to the United States, Mexico was the top U.S. trade partner in May, at $73 billion, according to data from the Census Bureau.
It was the fifth consecutive month and 15th of the past 16 months Mexico has been No. 1 in trade with the U.S. The $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, Laredo, Texas, retained the No. 1 spot among the nation’s 450 international gateways for trade, according to Census Bureau data analyzed by WorldCity.
During May, Laredo recorded a 4.7% year-over-year increase in total commerce to $29.3 billion.
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).
Related: Mexico’s ambitious billion-dollar Tehuantepec rail corridor aims to grab more international trade
Mexico is the world’s seventh-largest passenger vehicle manufacturer and the top exporter of cars to the U.S., totalling $69 billion in 2023, according to the Census Bureau
In 2023, auto factories in Mexico produced 3.3 million cars, exporting 77% of them to the U.S. The rest of the cars were shipped to Canada, Germany, Brazil, Colombia, Puerto Rico, Saudi Arabia, the U.K., Japan and Chile.
New vehicle sales in the U.S. totaled over 1.4 million in May, representing an increase of 8.8% from April and 5% increase from the same year-ago period, according to Marklines. In June, new car sales in the U.S. totaled 1.3 million units, a 3% year-over-year decline.
U.S. car sales have been a boon for foreign automotive manufacturers with factories in Mexico, according to Odracir Barquera, managing director of the Mexican Association of the Automotive Industry (AMIA).
“In the first six months of 2024, we see a period of expansion in production and exports, with this being the best June in the last six years,” Barquera said during a recent monthly AMIA video news conference.
Mexico City-based AMIA is a chamber association formed in 1951 to represent the interests of foreign vehicle manufacturers established in Mexico, including Audi, BMW, FCA, Ford, GM, Honda, JAC, KIA, Mazda, Nissan, Toyota and Volkswagen.
Barquera said he expects production at Mexico-based automotive factories to remain high for the rest of the year.
“We are in a new phase of expansion of light vehicle production,” Barquera said. “The post-pandemic recovery was resolved in the first few months and we are in a new phase of expansion in production and export.”
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