Nearshoring is helping to attract more manufacturing to Mexico as shippers look for supply chains that are closer, less costly and more advantageous to doing business with the U.S.
Mexico has been the top U.S. trading partner since the beginning of 2023, reporting $397 billion in two-way trade from January through June, according to the U.S. Census Bureau. In comparison, Canada was No. 2 at $388 billion and China was third at $276 billion for the same period.
“We’ve already observed encouraging growth in Mexico’s nearshoring in recent years, particularly among companies that already possess manufacturing facilities within the country.
