Mexico is a federal republic in North America with a population of 119,530,753 as of 2015. The country is bordered by the United States (US), Belize, and Guatemala. The country also has coastlines along the Pacific Ocean, Gulf of Mexico, and the Caribbean Sea.
The Economy Of Mexico
Mexico is considered to be an upper-middle-income country. The economy of Mexico has steadily grown an average of 3.32% per year between 2010 and 2014. In terms of purchasing power parity or PPP, Mexico is the world’s 11th largest economy. The country is also the world’s 12th largest export economy. In 2015, Mexico's GDP (PPP) was $2.2602 trillion USD while GDP per capita was $18,714.05 USD. The country exported $400 billion USD and imported $379 billion USD in 2014. This resulted in a positive trade balance of $21.3 billion USD. 13.4% of the Mexican people are employed in agriculture, 24.1% in industry, and 61.9% in the services sector, as of 2011. The biggest industries in Mexico are aerospace, electronics, tourism, petroleum, iron and steel, chemicals, textiles, mining, consumer durables, etc. Crude petroleum, vehicle and vehicle parts, and computers are some of the top items of export from Mexico.
Mexico has a thriving electronics industry, the sixth-largest in the world. Computers, televisions, mobile phones, circuit boards are some of the top items manufactured in the country. 30% of the country’s exports are electronic goods. Mexico also has a large automobile industry active in the nation, the largest one in North America. Manufacturing units of leading automobile brands like Ford, Chrysler, Nissan, Volkswagen, and others operate in the country. Petroleum is also one of the largest export items of Mexico.
Mexico imported $379 billion USD worth of goods in 2014, rendering the country the world’s 14th largest importer. The imports of the country have risen at an annual rate of 11.3% from $222 billion USD in 2009 to $379 billion USD in 2014. Refined petroleum forms 6.04% of the total imports of the country followed by vehicle parts which account for 5.98%. The two products are the first and second top imports of the country.
Top Export Destinations
The United States is the biggest market for Mexico’s exported goods. Mexico is the second-largest electronics goods exporter to the US. In 2011, $71.4 billion USD worth of goods was exported to the US. 80.3% of Mexico’s exports are exported to the US, 2.68% to Canada, 1.5% to China, 1.5% to Spain, 1.19% to Brazil. Since Mexico is primarily an export-oriented economy, 90% of the country’s trade is under free trade agreements.
Top Import Destinations
The biggest import partners of Mexico are the United States (48.97%), China (16.56%), Japan (4.39%), Germany (3.44%), and South Korea (3.44%).