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The Changing Mexican Economy

Posted April 06, 2014

Mexico is now the third biggest trading partner of the United States. The country is the 16th largest exporter in the world, and 82% of these exports go to the U.S.  Trade with the U.S. and Canada has tripled since the implementation of the North American Free Trade Agreement (NAFTA) in 1994. Today, Mexico manufactures and exports the same amount of goods as the rest of Latin America combined. In fact, foreign trade is a greater percentage of Mexico's economy than any other large country.

Correspondent Martin Fletcher reports on the changing nature of the Mexican economy from Querétaro, a small state of 2 million in North-Central Mexico. Migration into the region from other parts of Mexico has been steadily growing due to the state’s industry, low crime rate and other factors, a trend boosted in recent years by people fleeing northern border states to escape drug-related violence.

Economic activity in the state is closely tied to trends at the national level. This includes the declining contribution to GDP of the agricultural sector and an increase in export manufacturing, mining, construction and commerce/services. Currently, there are over 400 companies with direct foreign investment and more than 238 exporting companies that have located in the state.