Cross-Border Trade Surges to $73B in May 2024, Boosted by Autos from Mexico to the US

Mexico emerged as the leading U.S. trade partner in May, with trade totaling $73 billion, driven by shipments of cars, computers, auto parts, and commercial vehicles, according to Census Bureau data.

This marked the fifth consecutive month and the 15th in the past 16 months that Mexico held the top position in U.S. trade. The $73 billion trade total in May represented a 6.3% increase from the same period in 2023.

Canada ranked second in U.S. trade for May at $66 billion, while China placed third at $46.1 billion.

Mexico’s exports to the U.S. amounted to $44 billion in May, reflecting a 6.6% year-over-year increase, while imports from the U.S. to Mexico rose 6% to $29 billion.

For the 14th consecutive month, Laredo, Texas, has maintained its position as the leading international gateway among the nation’s 450 ports of entry, as reported by Census Bureau data analyzed by WorldCity.

In May, Laredo saw a 4.7% increase in total commerce, reaching $29.3 billion.

The Port of Los Angeles came in second with $26.1 billion, followed by Chicago O’Hare in third place at $23.4 billion.

Mexico was the largest trading partner at Laredo, with $28.6 billion in trade, followed by China with $173 million, and France with $87 million.

In the past, how did America's top import route from Mexico develop? Please see related articles:

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In May, the leading U.S. imports from Mexico included cars ($4.17 billion), computers ($3.67 billion), auto parts ($3.2 billion), commercial vehicles ($3.2 billion), and insulated wire and cables ($1.5 billion).

The primary U.S. exports to Mexico for the same month comprised gasoline and other fuels ($2.93 billion), auto parts ($1.93 billion), computer chips ($990 million), computer parts ($880 million), and low-value shipments ($820 million).

Mexico, the world’s seventh-largest passenger vehicle manufacturer and the top car exporter to the U.S., reached $69 billion in exports in 2023, according to the Census Bureau.

Auto factories in Mexico produced 3.3 million cars in 2023, with 77% of them exported to the U.S. The remainder were shipped to Canada, Germany, Brazil, Colombia, Puerto Rico, Saudi Arabia, the U.K., Japan, and Chile.

New vehicle sales in the U.S. exceeded 1.4 million in May, an 8.8% increase from April and a 5% rise from the same period last year, according to Marklines. In June, U.S. new car sales totaled 1.3 million units, a 3% year-over-year decline.

U.S. car sales have significantly benefited foreign automotive manufacturers with factories in Mexico, says Odracir Barquera, managing director of the Mexican Association of the Automotive Industry (AMIA).

“In the first six months of 2024, we see a period of expansion in production and exports, with this being the best June in the last six years,” Barquera said during a recent AMIA video news conference.

Mexico City-based AMIA, established in 1951, represents foreign vehicle manufacturers in Mexico, including Audi, BMW, FCA, Ford, GM, Honda, JAC, KIA, Mazda, Nissan, Toyota, and Volkswagen.

Barquera anticipates high production levels at Mexico-based automotive factories for the rest of the year.

“We are in a new phase of expansion of light vehicle production,” Barquera said. “The post-pandemic recovery was resolved in the first few months, and we are in a new phase of expansion in production and export.”