Mexico remained the US’s top trading partner in July

Mexico City. In the first seven months of 2024, Mexico established itself as the United States’ top trading partner, after Canada and China, with trade worth more than $486 billion, according to data released by the United States Census Bureau (Census).

In July, imports from Mexico to the United States amounted to 41.94 billion dollars, while exports from that country to Mexico totaled 28.716 billion dollars.

The value of trade between the two nations totaled $70.656 billion in the seventh month of 2024, an amount that represented 15.5 percent of total U.S. trade in the reference period.

The total for the year totaled 486 thousand 034 million dollars, a figure that includes both exports and imports.

Census data show that so far this year the United States has acquired goods and services worth 290,981 million dollars, a figure that not only showed an increase of 5.9 percent compared to the same period in 2023, but also translated into the highest amount since records began.

Meanwhile, the United States sold more than $195 billion in goods and services to Mexico, an amount that translated into an annual increase of 4.4 percent.

With the amount of accumulated trade exchange between both nations, Mexico is the first commercial partner of the United States.

The US trade deficit with Mexico in July was $13.224 billion, while the cumulative deficit amounted to $95.928 billion.

Canada came in second, with trade totaling more than $466 billion in the first seven months.

With the other USMCA partner, the neighboring nation to the north exported 261.667 billion dollars between January and June. Imports amounted to 204.4 billion dollars.

In July alone, trade between Canada and the United States amounted to $63.498 billion, representing 13.9 percent of the total value.

Meanwhile, the trade deficit with Canada rose to $8.098 billion in July and the cumulative deficit for January-July was $37.967 billion.

The third largest trading partner of the United States until the seventh month of the year was China, with which it traded 320,715 million dollars. It should be noted that until a few years ago, the Asian country occupied the first place in trade exchange.

In July alone, trade between the world’s largest market and the Asian giant amounted to 51.548 billion dollars, a figure that translated into 11.3 percent of total trade.

The US trade deficit with China in July stood at $30.123 billion, but the accumulated deficit over seven months was $157.777 billion.

In July alone, the trade balance of the world’s largest market recorded a deficit of $78 billion, which was higher than the $73 billion deficit.