U.S.-Mexico At a Glance
Trade At A Glance
According to the U.S. Department of Agriculture, the North American Free Trade Agreement (Nafta) has resulted in expanded Mexican exports, higher wages for Mexican workers, less poverty, more foreign investment, and a stronger agriculture sector in Mexico. Agricultural trade and investment plays an important role in U.S.-Mexico economic relations, even with the uneven size of the two economies.
In 2012, agricultural exports from the United States to Mexico totaled USD 18 billion, while agricultural exports from Mexico to the United States totaled USD 16 billion. For the United States, this represented almost 14% of agricultural exports, while 60% of Mexico’s agricultural exports go to the United States.
The United States is Mexico’s largest trading partner, buying 77.5% of Mexican exports in 2012. Total U.S. goods trade with Mexico equaled USD 493 billion in 2012; 7% more than in 2011. Mexico exports more to the United States in goods and services in just over a month than it does in one year to the 27 countries of the European Union.
According to the U.S. Census Bureau, U.S. goods exports to Mexico were USD 216 billion in 2012, up 9% compared to 2011 and 31.9% from 2010. U.S. goods imports from Mexico in 2012 accounted for USD 277.5 billion, an increase of 5% over 2011 and 20% since 2010.
The North American Free Trade Agreement (NAFTA) between the United States, Canada, and Mexico entered into force on January 1, 1994, and created the world’s largest free trade area. NAFTA links more than 461 million people producing USD 17 trillion worth of goods and services annually (2011). The dismantling of trade barriers and the opening of markets has led to economic growth and rising prosperity in all three countries.
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