Wednesday, March 29, 2023

Mexico buys more things from China than America

In addition, the United States government seeks to promote manufacturing production to be less dependent on certain parts, components and products from overseas and thus less vulnerable to certain types of events, such as the COVID-19 pandemic, military operations between Russia and Ukraine and the trade war between the United States and China.

Of the total imports from Mexico in the first 11 months of 2022, $244.068 million came from the United States and $109.94 million from China.

The Made in China 2025 initiative (or China Manufacturing 2025, launched in 2015) and the Internet Plus initiative (also launched in 2015) remain China’s main initiatives to boost its manufacturing sector.

Chinese authorities introduced a series of market-opening measures, such as lifting restrictions on the percentage participation of foreign investment in commercial vehicle manufacturing, with a view to boosting the sector’s competitiveness.

In addition, some manufacturing activities were added to the list of encouraged industries, mainly integrated circuits, chip packaging equipment, cloud computing devices, key components of industrial robots, new energy vehicles and intelligent vehicles.

China’s pilot free trade zone (PFTZ) program was adopted as a testing ground for nationwide investment liberalization and regulatory rationalization; Officials believe that PFTZs play an important role in facilitating the Chinese business environment and encourage open development and trade and investment cooperation.

ZFPs offer, among other things, preferential policies for the import, handling, manufacture, and export of goods through tax incentives, free flow and exchange of capital, and accelerated investment procedures.

From China, Mexico mainly imports telephones, liquid crystal devices, computers, integrated electronic circuits, computer parts, auto parts, TV parts, and printed circuits.

For its part, the United States is one of the main producers and exporters of goods and services involving intellectual property. According to his government’s estimates, intellectual property is present in 60% of US merchandise exports and more than a third of US GDP is generated by industries that make intensive use of intellectual property.

The Commerce Department has determined that 81 industries out of a total of 313 make intensive use of intellectual property, meaning that collectively they generate about 40% of gross domestic product.

From the United States, Mexico imports gasoline, gas, auto parts, corn, polymers, electrical equipment, car and plastic goods, instruments and equipment for medical use, soybeans, and iron and steel items.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news