Mexico Continues As America’s Top Trade Partner in March

Mexico was the United States' leading trade partner in March, with a total of $68.5 billion, marking the third consecutive month it has held that spot. Although the overall trade volume is down 5% from March 2023, the total trade between the two nations is up 1.7% for the first quarter compared to 2023.

Canada was the second-ranked U.S. trade partner in March at $65.1 billion, followed by China in third place with $42.7 billion.

A closer look reveals that U.S. imports from Mexico increased by 3.8%, while exports to Mexico fell by 1.2%, resulting in a trade deficit of $39.7 billion for the month. Key imports included passenger vehicles, auto parts, computers, commercial vehicles, and insulated wires and cables. The primary exports to the U.S. were gasoline, auto parts, computer parts, computer chips, and low-value shipments.

Texas' Port Laredo served as the primary gateway for U.S.-Mexico trade. In March, it was ranked as the top trade port among the nation’s 450 airports, seaports, and border crossings for the twelfth consecutive month, with $27.8 billion in trade. The Port of Los Angeles and Chicago O'Hare International Airport, which also saw significant trade volumes, finished second and third, respectively.

Laredo's managed 255,874 commercial truck crossings during the month, down 2.4% from the previous year. Other crucial ports of entry included the Ysleta-Zaragoza International Bridge in El Paso and the Port of Otay Mesa in California.

These ports, especially those in Laredo and El Paso, along with Tucson, Arizona, have been identified as some of the fastest-growing freight markets in the U.S. over the past five years. Freight volumes in Laredo have increased by 117% over the past five years, demonstrating the increasing significance of these trade routes in U.S.-Mexico commerce.

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