Mexico’s Exports Hit Record in Sign Nearshoring Is Booming (1)

Mexico’s exports reached a record $53.6 billion in March, leading to an unexpected trade surplus, as the country continues to benefit from US demand for its manufactured products.

Total Mexican shipments abroad rose 3.2% in annual terms last month, faster than the 1.1% increase in imports, which hit $52.4 billion, the country’s statistics institute said on Thursday. That led to a $1.17 billion trade surplus, compared to a $900 million deficit expected by analysts in a Bloomberg survey.

Latin America’s second-largest economy has been profiting from the arrival of investments and factories that seek to ship across the ...