Mexican imports from the United States totaled 187.953 billion dollars in the first seven months of the year, an increase of 19.4% annually, informed the Census Bureau.
Although it has not yet reached pre-Covid-19 pandemic levels, Mexico‘s GDP increased 1.9% during the second quarter of 2022 at an interannual rate.
There have been two recent relevant events related to Mexican foreign trade. On the one hand, from July 11 to 15, 2022, Mexico and the United Kingdom held the first round of negotiations on the Free Trade Agreement (FTA) of both countries.
On the other hand, on July 20, 2022, the United States and Canada each requested dispute settlement consultations with Mexico under the Mexico-U.S.-Canada Agreement (USMCA) regarding Mexico’s energy policies, arguing that certain actions taken by Mexico were inconsistent with its commitments under the USMCA.
Mexico intends to argue that it has not breached its commitments under the USMCA and hopes to reach a mutually satisfactory solution during the consultation phase.
Considering the European Union as a single participant, Mexico was the third largest U.S. merchandise trading partner in total trade in 2021.
Total U.S. merchandise trade with Mexico increased 23.2% to $661.2 billion in 2021, accounting for 14.4% of total U.S. merchandise trade with the world.
At the same time, Mexico was the fifth-largest U.S. services trading partner in 2021.
Total U.S. services trade with Mexico increased 41.6 percent to $57.6 billion in 2021, representing 4.4 percent of total U.S. services trade, according to data from the U.S. International Trade Commission (USITC).
Key developments in U.S.-Mexico trade relations in 2021 include the reestablishment of the U.S.-Mexico High-Level Economic Dialogue (HLED).