Mexico achieved a record trade surplus with the United States between January and November 2024, solidifying its position as the leading exporter to the world's largest economy.

According to data released by the United States Census Bureau on Tuesday, Mexico's surplus with the US reached $157.2 billion during the first 11 months of the year, a 12.5% increase from the $139.69 billion surplus recorded during the same period in 2023.

Mexico's exports to the United States rose by 6.4% year-on-year to a record $466.62 billion during the first 11 months of 2024, Mexico News Daily reports.

Imports from the US also grew, though at a slower pace of 3.5%, reaching $309.42 billion.

Mexico's trade surplus with the US, which has more than doubled over the past seven years, remains a significant point of contention for US President-elect Donald Trump, who is set to begin his second term on 20th January.

Furthermore, Mexico accounted for 15.6% of the United States' $2.98 trillion import market during the first 11 months of last year, a slight increase from its 15.5% share in the same period of 2023. 

China ranked as the second-largest exporter to the US over the same period, with goods valued at $401.4 billion, giving it a 13.5% share of the US import market. This marks a decline from China's 13.9% share in 2023.

Canada held a 12.6% share of the US import market between January and November 2024, with exports to its southern neighbour totalling $377.24 billion. This represents a decline from the 13.6% share Canada held in the same period of 2023.

The latest trade statistics from the Census Bureau suggest that Mexico will retain its position as the leading exporter to the United States for the second consecutive year in 2024, having surpassed China to claim the top spot in 2023.

Mexico and the United States remained each other’s largest trading partners during the first 11 months of 2024, with bilateral trade rising 5.2% year-over-year to $776.04 billion.