{"id":13695,"date":"2023-09-19T13:29:14","date_gmt":"2023-09-19T13:29:14","guid":{"rendered":"https:\/\/prosfunds.com\/news\/mexico-has-either-just-overtaken-china-as-leading-exporter-to-u-s-or-its-had-title-all-year\/"},"modified":"2023-09-19T13:29:16","modified_gmt":"2023-09-19T13:29:16","slug":"mexico-has-either-just-overtaken-china-as-leading-exporter-to-u-s-or-its-had-title-all-year","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=13695","title":{"rendered":"Mexico has either just overtaken China as leading exporter to U.S. \u2014 or it\u2019s had title all year"},"content":{"rendered":"
\n

Bloomberg is running a story saying Mexico has just eclipsed China as the largest exporter to the U.S. The rival news service is using a complicated formula, using the 12-month rolling average of the share of U.S. imports.<\/p>\n

But really, America\u2019s southern neighbor has held the title for all of 2023. Here at MarketWatch, we like simpler calculations. Drawing on a quarterly series measuring trade on a balance of payments basis, Mexico took the lead in the third quarter of 2022.<\/p>\n

\n

The two series are not wildly different from one another. The data Bloomberg uses is the more timely data, based on documents collected by the U.S. Customs and Border Protection.<\/p>\n

The balance of payments data meanwhile is adjusted to be consistent with gross domestic product calculations, and it\u2019s produced quarterly as opposed to monthly. A few differences: the BOP data counts as imports the purchases of goods abroad by the U.S. military or the fuel purchases made in foreign ports by U.S. air and ocean carriers; there are a few subtractions as well.<\/p>\n

The narrative is basically the same whichever report is used. The U.S.-China trade relationship is deteriorating, and Mexico has been a beneficiary as companies look to countries with friendlier governments.<\/p>\n

There\u2019s a financial element to this narrative as well: one of the hottest currency pairs this year has been the Mexican peso vs. the Japanese yen
\n MXNJPY,
\n +0.33%<\/bg-quote>,<\/span>
\n which has surged 28% this year. The dollar meanwhile has climbed 5% vs. the offshore Chinese yuan
\n USDCNH,
\n +0.12%<\/bg-quote>.<\/span>\n <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bloomberg is running a story saying Mexico has just eclipsed China as the largest exporter to the U.S. The rival news service is using a complicated formula, using the 12-month rolling average of the share of U.S. imports. But really, America\u2019s southern neighbor has held the title for all of 2023. Here at MarketWatch, we […]<\/p>\n","protected":false},"author":1,"featured_media":13696,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[38],"tags":[],"class_list":{"0":"post-13695","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"\nMexico has either just overtaken China as leading exporter to U.S. \u2014 or it\u2019s had title all year | Prosfunds<\/title>\n<meta name=\"description\" content=\"Bloomberg is running a story saying Mexico has just eclipsed China as the largest exporter to the U.S. The rival news service is using a complicated\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=13695\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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