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Exports from the United States to Mexico and Latin America fall to 2 digits

Exports from the United States to Mexico and Latin America registered double-digit drops in the last five years, considering only products, not services.

According to data from the Trade Representation (USTR), the United States had two of its biggest drops in its external sales to those destinations.

In the direction of Mexico, exports from the United States totaled 212.7 billion dollars in 2020, a decrease of 10.1% compared to 2015.

In relation to the Latin American region (excluding Mexico), these sales were for 130.5 billion dollars, a decrease of 14.5% per year.

Overall, U.S. goods exports declined in 2020, by 13.2%, to $ 1.4 trillion.

This was the lowest level for goods exports since 2010.

Manufacturing exports, which accounted for 81.8% of total goods exports, fell 14.2% in 2020, their lowest level since 2010.

Meanwhile, agricultural exports, which represented 10.5% of total exports of goods, increased 6.4% in 2020, to 150.5 billion dollars.

United States Exports

In 2019, the five largest trading economies in terms of participation in world trade were the European Union (EU), the United States, China, Japan, and the United Kingdom.

Considering the EU member states individually, China was the largest exporter, while the United States was the largest importer.

In merchandise trade, the United States was the largest importer and the second largest exporter (behind China).

Likewise, in terms of trade in services, the United States was both the largest importer and exporter.

In broader hindsight, the United States’ share of world trade in goods has fallen in recent decades, from 15% in 1970 to 9% in 2019.

In large part, this was due to the rapid increase in world trade, especially between developing countries and emerging markets.

U.S. Goods Exports to Selected Countries/Regions

Lastly, historical data on world trade in services is limited.

In 2019, the share of US global services exports was 14% and the share of imports was 10%.

 

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