2 May 2023
Freight News

Mexico’s Exports Hit Record in Sign Nearshoring is Booming

Mexico’s exports reached a record $53.6 billion in March, leading to a trade surplus, as the country continues to benefit from U.S. demand for its manufactured products.

Total Mexican shipments abroad rose 3.2% in annual terms last month, faster than the 1.1% increase in imports, which hit $52.4 billion, the country’s statistics institute said on Thursday. That led to a $1.17 billion trade surplus.

Latin America’s second-largest economy has been profiting from the arrival of investments and factories that seek to ship across the border into the U.S. market, a process known as nearshoring. In March, manufacturing exports grew 5.3% compared with the previous year, led by automobile production, which jumped almost 16%.

Read more in an article from the American Journal of Transportation.

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