Nov 21, 2011

Globalization and trade: Mexico sees life beyond U.S. export market

Reuters: "For years after the North American Free Trade Agreement came into force, the main road to riches for many Mexican entrepreneurs was across the border. Now they are increasingly likely to cross an ocean instead.

... having ... become dependent on U.S. demand for 88 percent of exports, Mexican firms were heavily exposed to economic shocks across the frontier, and the economy was battered by the financial crash that hit Wall Street in 2008. Since the crisis, Mexico has stepped up efforts to limit its reliance on the world's biggest economy, ratcheting up trade with Latin America, Asia and Europe...  Mexico managed to cut its share of exports bound for the United States late last year to less than 80 percent for the first time since NAFTA, and the figure is expected to dip to around 78 percent in 2011." read more

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