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27 Aug, 2022 08:53

Mexico’s imports from Russia soar

Purchases of Russian goods are up 20% in 2022
Mexico’s imports from Russia soar

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.

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.

For more stories on economy & finance visit RT's business section

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