After the United States imposed a new 50% tariff, Mexico's exports of steel and aluminum to the United States have been continuously declining
According to data from the Bank of Mexico (Banxico), in June this year, Mexico's steel and aluminum exports to the United States reached their lowest level in many years due to the US raising tariffs from 25% to 50%.
Among them, in June, exports of foundry and steel to the United States were 159.8 million US dollars, a decrease of 22.4% compared with the previous month. This figure has been declining for five consecutive months and is the lowest level since September 2020.
Similarly, the total value of aluminum exports in the month was 163.7 million US dollars, a 5.7% decrease from the previous month, reaching the lowest level since January this year.
The Mexican automotive industry is confronted with a dual challenge: on the one hand, it needs to mitigate the direct impact of tariffs; on the other hand, it needs to diversify its market to reduce its reliance on the United States. Meanwhile, banco's data reflects that if a trade agreement cannot be reached, the grim outlook may persist
Among them, in June, exports of foundry and steel to the United States were 159.8 million US dollars, a decrease of 22.4% compared with the previous month. This figure has been declining for five consecutive months and is the lowest level since September 2020.
Similarly, the total value of aluminum exports in the month was 163.7 million US dollars, a 5.7% decrease from the previous month, reaching the lowest level since January this year.
The Mexican automotive industry is confronted with a dual challenge: on the one hand, it needs to mitigate the direct impact of tariffs; on the other hand, it needs to diversify its market to reduce its reliance on the United States. Meanwhile, banco's data reflects that if a trade agreement cannot be reached, the grim outlook may persist
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