Canada no longer US no. 2 export partner

By anna smith

Mexico now exports more to the US than Canada does. According to the Commerce Department, Mexico-United States exports totalled $245 billion for the first 10 months of 2016, whereas Canada-United States exports total at $230 billion.

If this trend continues, 2016 will be the first year that the US has bought more from Mexico than from Canada.

Mexico’s economy has become more focused on manufacturing since the North American Free Trade Agreement; over 80 percent of its exports went to the US in 2015. The country’s attractiveness can be partly attributed to its relatively low wage costs.

Mexico's GDP increased by 1.0 percent in the third quarter, following an upwardly revised 0.1 percent in the second quarter. Notably, the rise was driven partially by Mexico's services sector.

The Mexican peso has weakened significantly against the US dollar over the past two years. This makes Mexican exports cheaper for Americans. 

The Mexican peso is up by 0.9% at 20.4018 per dollar as of 2:20 p.m. ET.
 

Follow @BizReviewCANADA

Read the November 2016 issue of Business Review USA & Canada magazine

Share

Featured Articles

Amelia DeLuca, CSO at Delta Air Lines on Female Leadership

Driving decarbonisation at Delta Air Lines, Chief Sustainability Officer Amelia DeLuca discusses the rise of the CSO and value of more women in leadership

Liz Elting – Driving Equality & Building Billion-$ Business

Founder and CEO Liz Elting Turned Her Passion into Purpose and Created a Billion-Dollar Business While Fighting for Workplace Equality – and Winning

JPMorgan Chase: Committed to supporting the next generation

JPMorgan has unveiled a host of new and expanded philanthropic activities totalling US$3.5 million to support the development of apprenticeship programmes

How efficient digital ecosystems became business critical

Technology & AI

Mastercard: Supporting clients at a time of rapid evolution

Digital Strategy

Why Ceridian has boldly rebranded to Dayforce

Human Capital