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Mexico Tops Canada in Exports to U.S.
Mexico has surpassed Canada in the overall value of goods it ships to the U.S., according to the Dept. of Commerce.
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Mexico has surpassed Canada in the overall value of goods it ships to the U.S., according to the Dept. of Commerce.
The department says Mexico’s exports to the U.S. totaled $245 billion in January-October compared with $320 billion for Canada. Last year the two countries were tied.
The value of vehicles shipped to the U.S. in the first 10 months of 2016 totaled $90 billion for Mexico and $54 billion for Canada, the department reports. Mexico’s significantly lower labor costs—coupled with a steady workforce that delivers comparable quality—have attracted $26 billion in new auto plants to Mexico in the past six years, according to the Center for Automotive Research in Ann Arbor, Mich.
Bloomberg News cites data indicating that Canada’s labor costs have zoomed 64% since 2002, while Mexico’s average pay rate increased between 2004 and 2014 at an annual rate of just 0.5%.
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