(Nacha Cattan & Rafael Gayol – Bloomberg)
Mexico posted its highest trade surplus on record in December despite efforts by U.S. President Donald Trump to reduce the nation’s shipments to his country by redoing the North American Free Trade Agreement.
Mexico, which sends the vast majority of its exports to the U.S., saw its surplus soar to $1.8 billion, the most for any month since data has been collected in 1999. Automotive exports rose 7.4 percent from a year earlier to $11.5 billion dollars, while oil-product imports fell 15.5 percent to $1.38 billion.
After more than a year of negotiations, Mexico, the U.S. and Canada signed their new trade deal in November known as USMCA. Trump had threatened to cancel Nafta if Mexico and Canada couldn’t reach a deal that he said would bring the countries closer to balanced trade. The legislative bodies of all three countries still need to ratify the new agreement. Click here to read more.
- Información Oportuna sobre la Balanza Comercial de Mercancías de México (INEGI)
- Mexico Can Thank the U.S. for Its Record-High Trade Surplus (Quartz)