Mexico's manufacturing gains may be unwinding

Bloomberg via Transport Topics: Bloomberg's Gonzalo Soto on May's Mexican trade data: April exports hit a record $72B, up nearly 33% YoY, but intermediate goods made up nearly 80% of imports through April — Mexican factories increasingly assembling Asian inputs rather than building integrated supply chains. Light-vehicle exports stagnated under US tariff pressure; computer equipment exports grew 144% on AI data center demand. Worth reading if you track cross-border freight composition or the USMCA review.