- Mexico's economy (GDP) is projected to grow by 2.6% in 2016 and 2.9% in 2017 according to the IMF's World Economic
- Outlook Update (January 2016)
“It is definitely Mexico’s moment right now,” says Mario Veraldo, Managing Director of Maersk Line’s Middle America Cluster.
“The country is part of the global supply chain and connectivity between Mexico and Asia is critical for that to work. By being on time every time, Maersk Line is enabling that supply chain, where Asia and Mexico will be key for the next couple of years,” he adds.
Twenty years after joining the North American Free Trade Agreement (NAFTA), Mexico has penned more than 45 free trade agreements, making it one of the world’s most open economies. Exports have grown five-fold, the country is one of the world’s top 15 manufacturing economies and a top-5 automotive producer with major global brands present. As nearshoring sees production moving closer to consumption, proximity to the US is adding to the positive trend.
Free trade, big vessels
“Mexico has changed radically in terms of its economic structure over the past 20-25 years. It is now an open economy looking outwards rather than inwards,” says Eduardo Garcia, an independent economist in Mexico City and founder of Sentido Común, a Mexican financial news website.