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Mexico Leads North American Manufacturing Growth In Recent Years
(MENAFN- The Rio Times) The United Nations Industrial Development Organization (UNIDO) has released data on North American manufacturing growth.
This dat reveals Mexico's manufacturing sector has outperformed both the United States and Canada in recent years.
The COVID-19 pandemic hit all three countries hard in 2020. Mexico's manufacturing output fell 9.3%, while the US and Canada saw declines of 6.3% and 9.6% respectively.
Mexico bounced back strongly in the following years. Its manufacturing production grew by 9.4% in 2021, 6.4% in 2022, and 1.0% in 2023.
The US and Canada experienced more modest recoveries. US manufacturing grew 5.1% in 2021, 2.9% in 2022, and declined 0.6% in 2023.
Canada's figures were slightly better, with growth of 5.8% in 2021, 3.7% in 2022, and 0.7% in 2023.
Mexico benefited greatly from US economic stimulus measures in 2021 and 2022. These policies boosted consumer demand and increased orders for Mexican-made goods.
Mexican manufacturing exports, primarily destined for the US, grew by 16.7% in 2021 and 16.6% in 2022.
The upcoming US election has brought trade issues to the forefront. Republican candidate Donald Trump has proposed significant tariffs on certain Mexican imports.
Trump threatened a 200% tariff on John Deere tractors if production moves to Mexico. He also suggested a 100% tariff on Mexican-made cars.
Mexico's manufacturing growth even surpassed China's in 2022. Mexico's output increased by 6.4%, while China's grew by 2.7%.
However, China maintained stronger growth in 2020, 2021, and 2023. Global manufacturing growth slowed to 1.2% in 2023, down from 2.9% in 2022.
Developing economies generally outperformed industrialized nations in manufacturing growth. India and China led among major US trading partners, with 5.1% and 4.7% growth in 2023.
Mexico Leads North American Manufacturing Growth in Recent Years
The UK's manufacturing sector grew at the global average of 1.2%. Mexico's growth rate was 1.0%. The US, Canada, Japan, and EU saw declines.
High-tech industries drove global production increases in 2023. Motor vehicles, transportation equipment, and electrical equipment saw significant growth.
Some sectors experienced declines, including furniture, leather goods, and apparel. Despite manufacturing growth, global merchandise trade contracted in 2023.
The World Trade Organization attributes this decline to challenging macroeconomic conditions, particularly inflationary pressures.
US-China trade relations remained complex in 2023. Key developments included tariff reviews, export controls, and human rights-related trade measures.
The motor vehicle industry led manufacturing growth globally, with a 10.5% increase in production for 2023.
This dat reveals Mexico's manufacturing sector has outperformed both the United States and Canada in recent years.
The COVID-19 pandemic hit all three countries hard in 2020. Mexico's manufacturing output fell 9.3%, while the US and Canada saw declines of 6.3% and 9.6% respectively.
Mexico bounced back strongly in the following years. Its manufacturing production grew by 9.4% in 2021, 6.4% in 2022, and 1.0% in 2023.
The US and Canada experienced more modest recoveries. US manufacturing grew 5.1% in 2021, 2.9% in 2022, and declined 0.6% in 2023.
Canada's figures were slightly better, with growth of 5.8% in 2021, 3.7% in 2022, and 0.7% in 2023.
Mexico benefited greatly from US economic stimulus measures in 2021 and 2022. These policies boosted consumer demand and increased orders for Mexican-made goods.
Mexican manufacturing exports, primarily destined for the US, grew by 16.7% in 2021 and 16.6% in 2022.
The upcoming US election has brought trade issues to the forefront. Republican candidate Donald Trump has proposed significant tariffs on certain Mexican imports.
Trump threatened a 200% tariff on John Deere tractors if production moves to Mexico. He also suggested a 100% tariff on Mexican-made cars.
Mexico's manufacturing growth even surpassed China's in 2022. Mexico's output increased by 6.4%, while China's grew by 2.7%.
However, China maintained stronger growth in 2020, 2021, and 2023. Global manufacturing growth slowed to 1.2% in 2023, down from 2.9% in 2022.
Developing economies generally outperformed industrialized nations in manufacturing growth. India and China led among major US trading partners, with 5.1% and 4.7% growth in 2023.
Mexico Leads North American Manufacturing Growth in Recent Years
The UK's manufacturing sector grew at the global average of 1.2%. Mexico's growth rate was 1.0%. The US, Canada, Japan, and EU saw declines.
High-tech industries drove global production increases in 2023. Motor vehicles, transportation equipment, and electrical equipment saw significant growth.
Some sectors experienced declines, including furniture, leather goods, and apparel. Despite manufacturing growth, global merchandise trade contracted in 2023.
The World Trade Organization attributes this decline to challenging macroeconomic conditions, particularly inflationary pressures.
US-China trade relations remained complex in 2023. Key developments included tariff reviews, export controls, and human rights-related trade measures.
The motor vehicle industry led manufacturing growth globally, with a 10.5% increase in production for 2023.
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