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“In 2011, Mexico exported $6 billion to China, mainly in raw materials such as iron ore, gold and copper. But it imported from China $52 billion, of which almost 90% was manufactured products,” Vedoya told delegates at the 2nd Mexican Iron & Steel Conference last week in Cancún.
Another misbalanced trade relationship is the one with South Korea, to which Mexico exported $1 billion last year while importing some $15 billion.
“It is important that Mexico does not focus only on the export figure, but in the added value that these exports provide, and that the entire manufacturing chain can benefit from this,” Vedoya concluded.