U.S.-Mexico At a Glance
Trade At A Glance
With a growing population, an expanding economy and an increasingly market-oriented agricultural sector, Mexico strengthened its position as the United States’ second largest agricultural trading partner in 2008, accounting for about 11% of U.S. agricultural imports and 13% of U.S. exports. The United States remains Mexico’s principal agricultural trading partner. Nearly 80% of Mexico’s agricultural exports go the U.S. Specifically, U.S. imports of Mexican agricultural products in 2008 were valued at a record $11.6 billion, and U.S. exports of agricultural products to Mexico were valued at $16.6 billion.
Since NAFTA was implemented in 1994, agricultural trade between the United States and Mexico has risen dramatically. Mexico’s agricultural exports to the United States have expanded by nearly 9% per year, growing twice as fast as they did before NAFTA. At the same time, U.S. exports to Mexico have grown at nearly the same rate, reflecting the mutually beneficial outcomes NAFTA has provided to the agricultural sectors in both countries.
The U.S. is Mexico’s largest trading partner, buying more than 80% of Mexican exports during 2010. Mexico is the third largest U.S. trading partner after China (1st) and Canada (2nd). Bilateral goods trade reached $362 billion in 2010 and in 2009 they totaled $278 billion. To put this in perspective, Mexico and the U.S. do as much business in goods and services in just over a month as Mexico does with all 27 countries of the European Union combined in a year.
North American Free Trade Agreement (NAFTA).
The North American Free Trade Agreement or NAFTA is an agreement signed by the governments of Canada, Mexico, and the United States, creating a trilateral trade bloc in North America. The agreement came into force on January 1, 1994. It superseded the Canada – United States Free Trade Agreement between the U.S. and Canada. In terms of combined GDP of its members, as of 2010[update] the trade bloc is the largest in the world.
NAFTA links 441 million people producing US$17 trillion worth of goods and services annually. 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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