On the contrary, Mexico’s exports to the European Union had a negative variation of -3.5%, that of China was -5.1% and to Latin America and the Caribbean -1.3%.
In the case of Mexico, exports accelerated their pace of expansion in 2024 driven by prices, while volumes grew slightly compared to 2023.
“The increase responded almost exclusively to demand from the United States, although Asia (except China) also contributed positively, especially Japan, India and Singapore. Sales to the remaining destinations contracted. Regarding the products that explain this increase in Exports include mechanical appliances and
land vehicles and their parts,” says the IDB.
The contrasts are also explained by the volatile behavior of demand from the main trading partners to Latin America and the Caribbean. While imports from the United States maintain a positive and slightly increasing trend, those from China registered a strong deceleration in the first part of 2024, even ending in negative territory.
Overall, Latin American and Caribbean goods exports expanded at a rate of 4.1% in 2024, according to the latest edition of the IDB’s Estimates of Latin American and Caribbean Trade Trends report.
“The balance of risks for regional trade remains balanced and projections point to limited growth, in a framework of high uncertainty about the world economy,” SAID Paolo Giordano, principal economist of the Productivity, Trade and Innovation Sector of the IDB. “.
