US recovery sends Mexican exports soaring to record levels

Mexico’s exports surged to a record of nearly half a trillion dollars last year as the U.S. recovery boosted demand for cars, chemicals and machinery produced by its southern neighbor. 

Total exports rose 19% from 2020, to $494 billion, the nation’s statistics institute said Thursday, with manufactured goods accounting for nearly 90% of the total. The increase came from higher prices, as well as higher volumes. Oil exports also soared as crude got more expensive, as did sales of food, drink and tobacco. 

Imports grew at an even faster pace as domestic demand rebounded, leading the trade surplus to evaporate. The nation posted a deficit of $11.5 billion last year, from a $34 billion surplus in 2020. 

In December, the country posted a better-than-expected surplus for the month of $590 million.