Free trade and a trillion dollar economy sums up Mexico trade and economic performance. The country has opened its doors to international competition and pushes ahead for improved trade relations with the US, Asia and western Europe.
Mexico Trade: Economic Trends and Performance
Most countries sign agreements but few build their economic performance around it. Trade in Mexico is a rare exception to this as the country took bold steps to utilize the North American Free Trade Agreement (NAFTA). As a result, the value of Mexican trade with Canada and the US has trebled since 1994. After signing the NAFA agreement, 13 additional trade treaties were signed with more than 40 countries to continue the growth in Mexicoâs trade.
Based on World Bank reports, Mexicoâs total GDP reached $893,364 million in 2007 with a 3.2% real growth rate. Trade has given a 64.5% boost to real GDP as of 2007.
In world merchandise exports, Mexico ranks 15th with a share of 1.94% of world exports.
It is the 14th largest importer, with a world share of 2.07 %.
Mexicoâs trade of commercial services ranks 36th in the world with a 0.53% share of global commercial services exports.
It is ranked 33rd in imports of commercial services, 0.74 % of the world total.
Imports data project that Mexico imports are on the rise, registering a growth of 7 % in 2007.
Mexico Trade: Exports
Mexico trade has continued with its unilateral liberalization regime, building on the success of NAFTA and the following FTAs. This accounts for 85% of its trade with preferential partners. The US remains Mexicoâs major export partner with 82.2% of the countryâs exports in 2007.
Mexico employs anti-dumping and countervailing measures against trading countries to safeguard its local industries. Its main items of export are:
- Natural Gas
- Food products such as sea food, cheese, coffee, sugar, oranges, and corn.
Mexico Trade: Imports
Mexico trade has its share of imports. Its major imports are:
- Repair parts for motor vehicles
- Industrial machines
Mexicoâs leading importing partners are the United States, the European Union, China and Japan.
Mexico Trade: Ports
Important ports where Mexico trade takes place are:
- Port of Mexico
Several sectors of the Mexican economy continue to achieve high levels of development, which reflects in the countryâs improved share in international trade.