Mexico City. Because of its geographical position, its extensive capabilities and the vast network of trade agreements, Mexico is a country that is ideally positioned to benefit from the entire new reconfiguration of international trade, said Juan Manuel Salazar-Xirinachs, executive secretary of the Economic Commission. for Latin America and the Caribbean (ECLAC).
“The challenge that Mexico has, which it shares with other countries in the region, is to continue diversifying, adding knowledge to its exports of goods and services, and in that sense, productive development policies; Mexico has excellent practices; in automotive, in medical devices, in aerospace, in software, it has development poles,” he stated in the presentation of the document International Trade Outlook for Latin America and the Caribbean 2024: Reconfiguration of world trade and options for regional recovery.
Salazar-Xirinachs admitted that the most important risk is the policies that the new United States government will take with respect to trade with Mexico, with the world, and with everything related to the nearshoring.
The document indicates that after falling 1 percent in 2023 in a context of contraction in world trade, exports of goods in Latin America and the Caribbean will recover in 2024.
According to the document, the value of goods exports from Latin America and the Caribbean will grow 4 percent this year, as a result of a 5 percent expansion in volume and a 1 percent drop in prices.
Mexico’s exports in the first half of this year grew 3 percent compared to the same period of the previous year, and that is below the 4 percent that is the regional average.
Until last June, Mexico’s exports to the United States had grown 3.8 percent led by the dynamism of the automotive sector, where it grew 9.3 percent.
However, shipments from Mexico to the rest of the world registered drops, especially those destined for the European Union, which fell by 8 percent and China (9 percent).
In addition, oil exports fell by 5.7 percent.
“The update of the figures from the National Institute of Statistics and Geography (Inegi) as of August confirms a strong decline in Mexican exports to the European Union and the slowdown towards the United States,” commented the executive secretary of ECLAC.
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