Mexico
About
Mexico is the 13th largest country in the world in terms of land area, while its population is ranked 10th in the world (2019) (1;2). Mexico and United States share a border length of 1,954mi (3).
Under the leadership of President Donald J. Trump, the United States has reached an agreement with Mexico and Canada in the renegotiation of the North American Free Trade Agreement (NAFTA). The new United States-Mexico-Canada Agreement (USMCA) is a mutually beneficial win for North American workers, farmers, ranchers, and businesses. When finalized and implemented, the agreement will create more balanced, reciprocal trade that supports high-paying jobs for Americans and grows the North American economy (4).
Mexico’s natural resources include silver, copper, salt, fluorspar, iron, manganese, sulfur, phosphate, zinc, tungsten, molybdenum, mercury, gold, and gypsum (5). Its economy is structured as followed (in % of GDP): services 64.5% industry 31.9% and agriculture 3.6% (2017) (6).
Mexico’s top exports commodities include vehicles, electrical machinery, equipment, mineral fuels including oil, optical, technical, medical apparatus, furniture, bedding, lighting, signs, prefab buildings, plastics, plastic articles, vegetables, articles of iron or steel, gems, precious metals. (7). Its top imports commodities include electrical machinery, equipment, machinery including computers, mineral fuels including oil, vehicles, plastics, plastic articles, optical, technical, medical apparatus, iron, steel, organic chemicals, and aluminum (8).
Mexico’s mains ports are Ensenada, Altamira, Veracruz, Lazaro Cardenas, and Manzanillo (9).
Trade Statistics
Mexico is the United States' third largest goods trading partner with $557 billion in total goods trade during 2017 (10). Florida’s top exports to Mexico: civilian aircraft, engines, yachts, other vessels, motor cars, vehicles for transporting persons, minerals, chemical fertilizers, articles of jewelry, and pts, of precious metals (11).
On January 1, 1994, the North American Free Trade Agreement between the United States, Canada, and Mexico (NAFTA) entered into force. All remaining duties and quantitative restrictions were eliminated, as scheduled, on January 1, 2008. NAFTA created the world's largest free trade area, which now links 450 million people producing $17 trillion worth of goods and services (12).
The City of Tampa has formalized a Sister City agreement with the city of Boca del Rio and Vera Cruz (14).
Trade Numbers
United States’ goods and private services trade with Mexico in 2018: $671 billion (13)
United States’ goods and services import from Mexico in 2018: $371.9 billion (13)
United States’ goods and services export to Mexico in 2018: $299.1 billion (13)
U.S. goods imports from Mexico totaled $346.5 billion in 2018, up 10.3% ($32.3 billion) from 2017 (13)
U.S. goods exports to Mexico in 2018 were $265.0 billion, up 8.9% ($21.7 billion) from 2017 (13)
References
1. https://www.worldometers.info/world-population/mexico-population/
2. http://worldpopulationreview.com/countries/mexico-population/
3. https://www.usatoday.com/border-wall/us-mexico-interactive-border-map/
4. https://ustr.gov/trade-agreements/free-trade-agreements/united-states-mexico-canada-agreement
5. http://www.countriesquest.com/north_america/mexico/land_and_resources/natural_resources.htm
6. https://www.cia.gov/library/publications/the-world-factbook/fields/214.html
7. http://www.worldstopexports.com/mexicos-top-exports/
8. http://www.worldstopexports.com/mexicos-top-10-imports/
9. https://www.icontainers.com/us/2018/06/12/top-5-ports-in-mexico/
10. https://fortune.com/2018/03/07/biggest-us-trade-partners/
11. https://www.enterpriseflorida.com/wp-content/uploads/profile-fl-top-trade-partners-mexico.pdf
12. http://www.ustr.gov/trade-agreements/free-trade-agreements/north-american-free-trade-agreement-nafta