Mexican companies have taken advantage of the increased demand for goods and services from China, which, according to official data, has increased its exports to that country by 10 percent.
Figures released by the Bank of Mexico (BdeM) indicate that shipments from Mexico to the Asian country closed in 2020 at $ 7,969 million, a figure higher than $ 7,136 million in 2019.
Although the number has increased dramatically, for Enrique Dussel Peters, coordinator of the Center for Chinese-Mexican Studies (Cechimex), of the National Autonomous University of Mexico, the country must continue to work on commercial synergies.
For the specialist, Mexico has missed opportunities to strengthen its relationship with what will be the largest economy in the world, because it lacks a detailed proposal adapted to China’s plans.
“Unfortunately, Mexico does not resort to China except when there is a crisis or in impasse, and that will be costly because in a few years, China will become the largest economy in the world,” the study center coordinator said.
Cechimex estimates that 43 percent of Mexican exports reaching the Asian country are concentrated in petroleum and various minerals, while another 28 percent are related to auto parts and electronic products.
According to “PDM” data, shipments of goods and services from the country to abroad decreased by 9.3 percent, rising from 460,703 million to 417,670 million dollars.
This decrease was the result of an 8 percent drop in exports to the United States, where more than 80 percent of Mexican goods go.
The growth of shipments to China contrasts with a 4.2 percent decrease on average recorded by Mexico with the Asian bloc countries, as it decreased from 25 thousand and 486 million dollars in 2019 to 24 thousand and 397 million in 2020.
In Asia, exports to India decreased by 36%. To Israel 22 to Japan 10; Malaysia 21, Singapore 15 and Thailand 24 percent.
With the outbreak of the epidemic, imports from China recorded an annual decline of 11.3 percent, dropping from 83,52 million dollars to 73,609 million.