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By KELIN DILLON

According to Mexico’s Secretary of Finance and Public Credit of Mexico Rogelio Ramírez de la O., Mexico is likely to review its current trade relations with China due to the large disparity between the amount of goods China sells to Mexico and the quantity it buys from Mexico.

During the Economic Balance industrial development in San Luís Potosi on Monday, July 22, Ramírez de la O. highlighted that “China sells to us and does not buy from us,” with China reportedly selling Mexico $119 billion annually while only purchasing $11 billion in return.

The Secretary of Finance noted that China has gained greater control of the global economic market over the past two decades, particularly at the expense of North American countries like Mexico and the United States.

Mexico brings in 19.6 percent of its total imports from China, compared to 16.5 percent in the United States and 13.5 percent in Canada.

“This situation has led to a feeling of a need for greater protection of our industries and this feeling has grown both in the United States and in Mexico,” said Ramírez de la O.

However, wage competitiveness and lower transportation costs have recently positioned Mexico as a major fixture for foreign investment that could bring more than 520,000 jobs into the country, said Mexican Secretary of the Economy Raquel Buenrostro Sánchez.

“Mexico has broken records in employment, average wages, minimum wages, foreign investment and exports,” said Buenrostro Sánchez, adding that Mexico has already brought in more than $20 billion in foreign investment since the start of 2024.