Mexico’s adoption of the North American Free Trade Agreement (NAFTA) in 1994 links together 426 million people and produces more than $12 trillion worth of goods and services, setting a standard for much of Latin America and the Caribbean to emulate. However, not all of Mexico reaps the benefits that trade, international visibility and close partnerships with the U.S. may offer. As a result of massive migration from urban areas to the nation’s capital, Mexico City is now among the Western Hemisphere’s most populous cities, with population estimates as high as 18 million. Poverty levels remain high, particularly in rural areas. In addition, economic growth and environmental degradation present significant challenges to the country’s rich biodiversity.
Many of the high expectations of NAFTA and of President Vincente Fox (whose National Action Party ousted the Institutional Revolutionary Party’s 71-year legacy of unbroken Mexican rule) are yet unfulfilled in many circles. At the same time, the Fox administration has done much to open up many of Mexico’s government institutions and targeted a significant amount of the country’s resources towards improving its education system.
| Key Development Data & Statistics |
Year |
Latest Data |
| External debt stocks (% of GNI) |
2007 |
17.7 |
| GDP (current US$) (billions) |
2007 |
1,022.8 |
| GNI per capita, Atlas method (current US$) |
2007 |
9,400 |
| Population, total (millions) |
2007 |
105.3 |
| Population growth (annual %) |
2007 |
1.0 |
| Exports (current US$) (billions) |
2007 |
294.0 |
| Imports (current US$) (billions) |
2007 |
305.9 |
Top Exports: manufactured goods, oil and oil products, silver
|
Top Imports: metalworking machines, steel mill products, agricultural machinery
|
|
|
Source: World Bank Group 2009, CIA World Factbook 2009
For additional economic indicators, please visit the World Bank's "Private Sector at a Glance."
Please note: A BizCLIR assessment has yet to be conducted in Mexico.
