Since the advent of NAFTA trade agreement in 1994, Mexico economy is booming and nourishing. Currently USA accounts to 80% of Mexican manufacturing exports.
Considered to be one of the most developing nations in the world, Mexico boasts an GDP of $1.2 trillion. With the economy opening its sectors up to FDI, the country has seen an annual average of 22% growth in investments, allowing capital to flow into industries that require development. The areas that have attracted attention are the manufacturing, construction, meat and fisheries, and agricultural industries.
Currently, the government is constructing over 5 million houses nationwide while it has exported more than 86,000 tons of meat and fish in 2013 alone. Additionally, the United States accounted for over 80% of Mexico’s manufacturing exports. While the idea would be better to diversify and expand to different economies, the United States is the strongest economy in the world today and having them as clients is considered safe for Mexican businesses. The area that could see the most improvement is the agricultural sector. Presently, a majority of the country’s agricultural products are imported and the government has already started partnerships with private companies to look into cultivating land to grow these commodities domestically, hence opening up a big opportunity.
To know more about Mexico, its growth and prospects in future. Download: ANALYSIS OF KEY SECTORS OF MEXICO.
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