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Economic Analysis Mexicos membership of the North American Free Trade Agreement NAFTA since 1994 has attracted major investment from foreign countries The focus of the foreign investment is on manufacturing Nearly all the worlds major companies are now present in Mexico For example according to the Economic Development Secretary from the Mexican state of Baja California the state hosts 90 companies from Japan 25 Taiwanese companies five from Hong Kong four from Singapore and three from Malaysia Other Mexican states boast similar numbers to Baja California in terms of foreign company presence The United States receives 85 of Mexicos exports and is the source of 75 of Mexicos imports Other countries that are main sources of Mexicos imports include Canada Japan and Spain Although the USA is the main contributor to Mexican imports these countries contribute approximately of the rest of the market Imports include machinery and transport equipment agricultural products chemicals iron steel processed foods petroleum products beverages and tobacco Exports in Mexico increased by about 17 billion from 1999 to 2000 and electronic equipment and appliances make up the majority of them Other exports are automotive vehicles auto parts and clothing Main destinations are the US Canada Latin America the European Union and East Asia Mexico has much stronger ties with the United States since the trade agreement in 1994 Since then there has been a major economic shift in Mexico from being an oil-based economy to a manufacturing-based economy The countrys import-export business has boomed since 1994 especially in the car and light manufacturing industries In addition to NAFTA Mexico signed a comprehensive free trade agreement with the European Union in 2000 Mexico has overtaken Costa Rica as Latin Americas fastest growing economy Mexico achieved strong economic growth throughout the late 1990s and into 2000 with Gross Domestic Product GDP growth of 72 by the end of 2000 The expansion of the Mexican economy has increased jobs
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