What do Mexico and the US trade?
In 2020, Mexico was the second-largest supplier of foreign crude oil to the United States, as well as the largest export market for U.S. refined petroleum products and U.S. natural gas. Other top U.S. exports to Mexico include machinery, electrical machinery, vehicles, mineral fuels, and plastics.
What is Mexico’s main export to the US?
Among Mexico’s major exports are machinery and transport equipment, steel, electrical equipment, chemicals, food products, and petroleum and petroleum products. About four-fifths of Mexico’s petroleum is exported to the United States, which relies heavily on Mexico as one of its principal sources of oil.
What does Mexico import and export with the US?
Mexico was the third-largest destinations for U.S. agricultural exports in 2020, importing USD 18.3 billion in U.S. agricultural products, including corn, soybeans, dairy, pork, and poultry meat.
What foods does the US import from Mexico?
The top U.S. import commodities from Mexico are vegetables and fruit, wine & beer, and snack foods – accounting for 75% of the total U.S. ag imports from Mexico.
What kind of trade does Mexico have with the US?
Mexico is the United States’ second largest trading partner and second-largest export market (after Canada). In 2019, two-way trade in goods totaled $614.5 billion. Mexico’s exports rely heavily on supplying the U.S. market, but the country has also sought to diversify its export destinations.
Why did the Mexican central bank intervene in the foreign exchange market?
In response, the Mexican central bank intervened in the foreign exchange markets to maintain the Mexican peso’s peg to the U.S. dollar by issuing dollar-denominated public debt to buy pesos. The peso’s strength caused demand for imports to increase in Mexico, resulting in a trade deficit.
How did the US help Mexico during the peso crisis?
The United States organized a $50 billion bailout for Mexico in January 1995, administered by the International Monetary Fund (IMF) with the support of the G7 and Bank for International Settlements. In the aftermath of the crisis, several of Mexico’s banks collapsed amidst widespread mortgage defaults.
What kind of cooperation does the US have with Mexico?
Cooperation between the United States and Mexico along our border includes coordinating with state and local officials on cross-border infrastructure, transportation planning, and security, as well as collaboration with institutions that address migration, natural resource, environment, and health issues.