Mexico Has the Capacity to Replace Markets Like China and Europe: Economic Package 2023

Mexico is one of the main trading partners of these two countries, so that in 2021 it became the second trading partner of the United States, after Canada.

In addition to the fact that 80% of Mexican exports are destined to this country, mainly in technology industries such as vehicle manufacturing, computers, electronics and machinery.

In recent days, the Mexican government delivered to Congress the 2023 Economic Package, which states that one of the objectives for this treaty in the future is to act as a catalyst to increase the domestic content of our country's exports.

According to the document, after the trade disputes between the United States and China, an opportunity is created for Mexico to substitute more than $500 billion dollars of products, considering that in 2019 the United States and Canada imported $507.3 billion dollars from that country.

The Mexican Government explained that this may be possible thanks to the fact that Mexico is the eleventh country with the highest volume of merchandise exports and the thirteenth with the highest imports, with a merchandise trade level of $811 billion dollars in 2020, according to the World Trade Organization (WTO).

On the other hand, he also highlighted the foreign direct investment (FDI) figures achieved by Mexico in the latest report of the United Nations Conference on Trade and Development (UNCTAD), where it was the ninth country with the highest FDI reception in 2020, with $29 billion dollars, which moved up five places in the world ranking after ranking fourteenth in 2019.