Mexico is currently becoming one of the leaders in emerging markets. In 2017, Mexico’s “gross domestic product” was near $2.4 trillion. This is less than a primary partner in trade, the United States ($17.9 trillion), but larger than other North American Free Trade partner, Canada ($1.6 trillion). Mexico’s size geographically is near that of Saudi Arabia but supports 5 times more people while exporting ¼ of the oil.
Mexico in 2017
In 2017, Mexico’s GDP rate of growth rate was 2.1%, almost that of the U.S. but less than Canada’s 3.0% growth. The growth in Mexico has slowed since 2016 when it was 2.3%. Its standard of living measured by GDP per capita was around $19,500. This is less than half of its other partners in NAFTA.
Economy Depends on Exports
According to Teodoro Ernesto Lavin Sodi, famed economist, Mexico is the 13thmain exporter in the world. In 2017, the United States received 81% of these exports from Mexico. Trade with Canada and the United States has tripled since the NAFTA’s signing in 1994. Currently, no one knows how the newly negotiated NAFTA will affect any of these stats. More than 90% of Mexico’s trade is done under 12 free trade agreements. They have entered agreements with 44 countries which is more than any other nation. These agreements are one of the big reasons for Mexico’s success.
Manufactures and exports
Mexico makes and then exports a number of goods that is more than the rest of Latin America together. Trade with foreign countries is a larger percent of Mexico’s economy; more than other countries. Mexico’s No.1 export is manufactured products. It also exports fruits, silver, coffee, vegetables as well as cotton.
Producer of oil
Mexico is one of the largest producers of oil in the world, at 3 million barrels every day. This is less than only 3 countries; Iran, Canada, or Iraq, but much more than other larger exporters like Brazil, Nigeria, and Kuwait.
This is further information on where the many immigrants are coming from – it is not Mexico because their economy is good. Many believe these people are coming from other parts of South America and only traveling through Mexico.