The Mexican chamber of the steel industry, CANACERO, has issued a statement claiming that the country’s steel exports to the US are not a threat to that country, adding that the US is widely benefited by its steel exports to Mexico.
According to CANACERO, the narrative is groundless that Mexican steel exports to the US are resulting in in the closure of steel plants and dismissal of workers in the US, as widely mentioned by the US steel industry.
According to its own sources, the US has clearly a surplus in the bilateral trade of finished steel products with Mexico, with an average surplus of 1.2 million mt per year between 2015 and 2023.
With information consolidated until October 2024, such surplus reaches 2.4 million mt, representing $4.1 billion.
Conversely, the Mexican exports to the US in 2024 have declined by 13 percent from 2023, returning to the level of 2015.
Canacero added the accusations of triangulation with material of Chinese origin are also groundless, as imports of steel products from China in 2024 were limited to 578 mt, representing 0.02 percent of the exports of steel products, while 83.1 percent of the Mexican steel exports are based on the local production.