Mexico’s Exports Hit Record in Sign Nearshoring Is Booming
- March shipments reached an all-time high of $53.6 billion
- Result leads Mexico to post a surprise trade surplus
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Mexico’s exports reached a record $53.6 billion in March, leading to an unexpected trade surplus, as the country continues to benefit from US 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, compared to a $900 million deficit expected by analysts in a Bloomberg survey.