MEXICO CITY — Mexico’s Economy Secretary has announced plans for the country to align more closely with the United States in the face of escalating trade tensions with China.
“There is a significant dispute between China and the United States, more intense than in previous years,” the Economy Secretary stated during a recent business forum. “We have developed a strategic plan moving forward.”
“The core objective of this strategy?” he continued. “To rally all legitimate interests in support of North America.”
He emphasized Mexico’s commitment to embracing nearshoring, a trend that shifts production from Asia to Mexico, as being crucial for the country’s economic strategy.
“Our second top priority is to expedite nearshoring efforts, maximizing its potential by one thousand percent,” he asserted.
Currently, domestic content in Mexico’s manufacturing exports is less than 20%. The government is actively seeking ways to increase this share by reducing imports.
Efforts will involve collaboration with individual companies to encourage suppliers and parts manufacturers to relocate to Mexico.
“Our goal is not merely to capture a larger market share, but to enhance production within Mexico,” he explained. “We must work closely with every company, investing in funding, personnel, and consistent follow-up to improve our figures.”
Historically, Mexico primarily exported oil to the United States; however, manufacturing exports, including vehicles, machinery, and appliances, have now surpassed oil in economic value.
Remarkably, in 2023, Mexico became the leading supplier of imported products to the U.S. market for the first time in over two decades, overtaking China.
