Laredo, Texas, situated on the U.S.-Mexico border, is home to the nation’s busiest port. In 2024, the Port of Laredo processed a staggering $339 billion in trade, surpassing all other U.S. airports, seaports, and border crossings. This bustling hub facilitates the flow of goods between the United States and Mexico, playing a crucial role in the economies of both countries. According to data from the U.S. Census Bureau analyzed by WorldCity, Laredo’s trade volume represents a significant portion of overall U.S. trade activity.
Laredo’s Trade Dominance in 2024
The Port of Laredo experienced a 5.98% surge in trade in 2024, reaching a total of $339.03 billion. This growth was driven by a 4.12% increase in exports, valued at $128.26 billion, and a more substantial 7.14% rise in imports, reaching $210.77 billion. While this robust trade activity underscores Laredo’s economic significance, it also resulted in an $82.52 billion trade deficit.
Mexico: Laredo’s Primary Trade Partner
Mexico overwhelmingly dominates Laredo’s trade activity. In 2024, 98.82% of Laredo’s total trade was with Mexico, totaling $330.64 billion. This figure dwarfs the U.S.’s trade with its top five partners combined, which accounted for only 49.66% of total U.S. trade. The trade relationship with Mexico saw a 5.89% increase, with exports to Mexico rising by 4.05% to $128.07 billion and imports from Mexico growing by 7.08% to $202.57 billion. Other significant, albeit much smaller, trade partners for Laredo include China, France, Nicaragua, and Japan.
Key Exports and Imports
Laredo’s export landscape is largely defined by the automotive industry. Motor vehicle parts constituted the most valuable export, despite experiencing an 8.89% decrease to $14.01 billion. Other prominent exports included gasoline and other fuels, electric storage batteries, diesel engines, and passenger vehicles. Interestingly, while these high-value items dominate the monetary value of exports, by tonnage, the top exports are quite different, including materials like nickel waste and scrap, copper mattes, and various construction materials.
On the import side, motor vehicle parts also lead the way, experiencing a 3.51% increase to $26.36 billion. Passenger vehicles, computers, commercial vehicles, and tractors round out the top five imports by value. Similar to exports, the top imports by tonnage differ significantly, featuring agricultural products like cereal grains and industrial goods like lathes and transformers. This disparity highlights the diverse range of goods passing through the Port of Laredo.
Laredo’s National Significance
The Port of Laredo’s impressive trade volume in 2024 accounted for 6.36% of total U.S. trade, solidifying its position as the nation’s leading port and border crossing. Compared to 2023, Laredo’s total trade increased significantly, from $319.91 billion to $339.03 billion. This sustained growth reinforces Laredo’s crucial role in facilitating international commerce and its significant contribution to the U.S. economy.
In conclusion, Laredo, Mexico serves as a vital trade artery between the United States and Mexico. The Port of Laredo’s remarkable trade volume, driven primarily by the automotive sector and a strong relationship with Mexico, underscores its importance to the national economy. As trade between the two countries continues to flourish, Laredo’s prominence as a leading trade hub is likely to endure.
