By Adina Moloman
Sources: Manufactura, World Economic Outlook Database, Inter-American Development Bank’s Trade and Integration Monitor 2014
Mexico is an export-orientated country, among the 15th largest exporter in the world. To strengthen Mexico’s economy, support jobs, and ensure long-term, sustainable growth, the government have been working on a wide strategy to promote exports. In 2014, Mexico’s main exports were manufactured goods (84 percent of total export revenues) and oil and oil products (14 percent).
According to a study conducted by the American Development Bank (BID), the Mexican exports recorded the largest USD growth from all Latin America countries in 2014, reaching US$397 billion in exports. Mexico’s exports has grown steadily; rising 7% percent from $349.6 billion in 2012 to $370.9 billion in 2013 and again another rise of 5% percent in 2014.
The regional export for Latin America is going through stagnation; only Mexico’s exports have risen significantly. According to the Inter-American Development Bank’s Trade and Integration Monitor 2014 Central America posted moderate growth (less than 2%) while exports from the Andean countries and MERCOSUR fell slightly (–1.8 percent and –1.0 percent, respectively), and those of the Caribbean declined substantially (–4,2 percent).
So, exports are boosting the Sector Manufacturing in Mexico. The Mexican automotive industry has continued to be a strong area of growth for Mexican exports. Automotive vehicle and parts exports were up by more than 10 percent in 2014, compared to 2013 and now account for around 27 percent of total exports revenues. Most Mexican exports are manufactured goods and more than 80 percent of the country’s total exports are sent to the United States. In fact the 2014 growth in exports was driven by a 6.0% increase in sales to USA market. Another important trade partners in 2014 were Canada, Korea and Germany.