This represents a real growth of 11% compared to the same period in 2018, the last year of Enrique Peña Nieto’s six-year term.
This increase is mainly supported by trade with Brazil and, to a lesser extent, by an increase with Peru.
Brazil, between the automotive sector and steel
Figures show that in the first six months of 2024, Mexico’s trade relationship with Brazil reached US$8,152.5 million, a real increase of 44.5% compared to the same period in 2018.
The trade relationship with Brazil has grown due to an increase in Mexico’s imports from that country, which totaled 5,885.8 million from January to July 2024.
Mexico’s exports to Brazil were lower, at $2,266.6 million.
Mexico’s exports to the country of carnivals are strong in the sale of vehicles, especially passenger transport vehicles.
Vehicle trade has been strengthened thanks to the Economic Complementation Agreement No. 55 (ACE 55) signed in 2002, seeking to lay the foundations for the establishment of free trade in the automotive sector and promote its integration and productive complementarity.
In 2015, ACE 55 was amended and set out commitments such as increasing export quotas and duty-free trade in light vehicles. In 2020, an agreement was reached on a three-year transition period for the exchange of heavy vehicles.
Regarding Mexico’s purchases from Brazil, steel and intermediate iron products stand out.
In fact, Mexico advocated for Brazil against the 25% tariff imposed by the United States on steel in July of this year.
Both nations have declared their interest in having a trade agreement, which, according to experts, would be a good thing, since it would represent tariff advantages for Mexico, which has increased its trade deficit with Brazil.
