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POPSMexico Isn’t Feeling the U. S. Economic Slump
Bound to the United States by history, geography, immigration, trade and investment, Mexico’s fortunes have long been linked to the US. The U. S. housing industry, for example, which employs one in five Hispanic immigrants, is in a slump, resulting in a marked slowdown of remittances sent to Mexico. A prolonged U. S. downturn would undoubtedly hit Mexico hard. Still, the nation’s economy is holding up well. The Mexican bolsa (stock) index is up 14.5 percent so far this year. The peso is strong: At the first of the year, $1 could buy nearly 10.9 pesos; now $1 buys a little over 10.3 pesos. While Mexico still ships about 80 percent of its exports to the United States, its farmers and manufacturers are looking for new customers in Asia, Europe and the rest of Latin America. During the first quarter, Mexican exports to the U. S. grew slightly more than 16 percent, while shipments to the rest of the world grew at twice that pace, 32 percent. Exports to Europe grew by 56 percent.
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