These figures show, “with clear numbers”, the success that Mexico has had in the application of the T-MEC, highlighted the manager, who added that 28% of exports are related to the automotive sector.
Mexico’s sales to the northern neighbor in 2021 were close to 400,000 million dollars, while purchases ranged from 221,000 million; this gave the country a surplus of 178,000 million, Ruiz Huarte pointed out.
“In the Mexico-United States business, the trade balance is very favorable to Mexico. This, without a doubt, is due to the T-MEC relationship and the strengthening of trade wars”, he highlighted.
In five months, the country sold just under half of the 2021 total. However, now that the United States has tightened monetary policy to control inflation, it is possible that there will be less consumption and therefore a decrease in sales. Mexican.
“It will be until next year when we will have a much lower growth of the American economy, but we think that we will not necessarily fall into a recession,” said the Comce director.
“This can cause some problem in the economic growth of our country.” Hence the importance for Mexico of diversifying markets. “It is a process that will take time and that we will have to do,” he added.
Another tool to deal with lower sales of products to the United States has to do with attracting foreign investment, particularly with regard to shortening value chains (reshoring) to avoid logistics problems and disruption. in the transport chains due to the saturation of ports and the lack of containers.
Mexico’s purchases from the world totaled 238,000 million dollars in the January-May period, which leaves the country with a deficit of around 9,000 million.
“This is explained by the oil balance. Even when the price of oil has increased, gasoline prices have also increased”, explained the general director of Comce.
Of the total that Mexico imported in the first five months of the year, 79% was intermediate goods. “Which shows a forward strength of our manufacturing exports,” he said.
The bad news, pointed out the Comce director, capital imports, which had an increase of 18% compared to January-May 2021, represented 7.7% of the total imported.
If it is taken into account that capital goods, machinery and equipment to produce, it is a consequence of investments. “It’s not enough for what we wanted as a country,” he noted.