CNN —As US supply chains decouple from China, Mexico’s manufacturing sector is emerging as a winner.
Ramos said Mexico and China have been competing for the US manufacturing market for years, but amid a shifting US-China relationship, Mexico looks poised to pull ahead.
Those exports were driven by manufacturing, which comprises 40% of Mexico’s economy, according to Morgan Stanley.
Meanwhile, Chinese exports to the US were down 20% in 2023, compared to 2022.
Analysts at Morgan Stanley see the value of Mexico’s exports to the United States growing from $455 billion to about $609 billion in the next five years.
Persons:
That’s, nearshoring, Alberto Ramos, Goldman Sachs, Ramos, Morgan Stanley, Katherine Tai, CNN’s Julia Chatterley, Tai, United States Jose Luis Gonzalez, Xeneta, Peter Sand, Jose Enrique Sevilla, John Raines, Goldman’s Ramos, Biden, Raquel Buenrostro, —, Joe Biden, Donald Trump, Trump, ”, Global’s, Raines, Christoffer Enemaerke, “, Tesla, Elon Musk, Julio Cesar Aguilar, BYD doesn’t, RBC’s Enemaerke, Michael Nam
Organizations:
CNN, Manufacturing, Commerce Department, US Trade, General Motors, Ford, Reuters, Shipping, Container Trade, Xeneta, Moody’s Analytics, P Global Market Intelligence, steelworkers, “, Global’s Sevilla, Macip, RBC, Getty, BYD, ” Sevilla, Monterrey
Locations:
China, Mexico, Canada, North America, US, Ciudad Juarez, United States, Pittsburgh, Mexican, Monterrey, ”, Nuevo Leon, Asia