Latinamerica Collection
Economy and Business in Mexico

The Mexican economy is highly dependent on exports to the United States which account for roughly 25% of the country's GDP. Likewise, most of the country's exports were sent to the United States as well. Mexico has various free trade agreements with countries around the globe including Canada, the United States, and the European Union making it one of the most open economies in the world. It recently achieved a GDP over one trillion dollars.

 

Agriculture in Mexico accounts for under 4% of the country's GDP and nearly one fifth of the 40 million member labor force. Agricultural products include corn, beans, fruit, wheat, soybeans, rice, cotton, coffee, tomatoes, beef, poultry, dairy products, and wood products many of which are exported to the rest of North America.

 

The industrial sector of Mexico's economy makes up just over a quarter of the GDP and accounts for 24% of the labor force. Industrial commodities produces in Mexico include tobacco, chemicals, iron and steel, petroleum, mining, textiles, clothing, and motor vehicles. The most commonly exported items are electronic equipment, petroleum, and vehicles.

 

Finally, the services sector of the economy accounts for a huge 70% of the GDP and 58% of the country's labor force. One of the major services supplied by Mexico is tourism whose contribution to the economy climbs with each passing year.