Purchases of Russian goods are up 20% in 2022
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Imports of Russian goods by Mexico saw a substantial annual increase of more than 20% during the first six months of the current year, according to the latest figures released by the Bank of Mexico.
In monetary terms, Mexican imports from Russia amounted to $1.193 billion. In June alone, purchases of Russian goods by the North American nation exceeded $275 million – the second-highest figure in Mexico’s history. In May 2021, the country bought Russian goods worth $283.9 million.
In 2021, trade turnover between the two countries reached a record high, exceeding $4.5 billion.
The US remains Mexico’s most important trading partner. In 2021, the trade turnover between the two countries amounted to more than $661 billion. In July, Foreign Minister Marcelo Ebrard announced that American companies were planning to invest $40 billion in the Mexican economy by 2024.
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Russia is the key international supplier of fertilizers to Mexico, accounting for nearly a quarter of all Mexican imports of nitrogen and mixed nitrogen, phosphorus and potash fertilizers.
Rolled steel, aluminum, and synthetic rubber are among the country’s other important imports from Russia.
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