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Canada, Mexico trade hits new levels

Published by Steve Coleman on March 07, 2012

Canada-Mexico trade hit an all-time high in 2011.

Numbers from the NAFTA Office of Mexico in Canada say bilateral trade between the two countries increased 14.6 per cent from 2010 levels to US$34.4 billion.

The latest figures say the North American Free Trade Agreement has increased trade 751 per cent since the legislation came into effect. On average, trade between the two countries has grown at an annual rate of 12.6 per cent.

Bilateral trade also played a large part in getting Canada out of the doldrums following the 2008 recession, the trade office says. Between 2009 and 2011, the level of commerce has grown 63.9 per cent.

However, as a country, Canada has imported more than it has sent to Mexico. The Mexican trade balance with Canada increased 18 per cent, rising from US$12.8 billion in 2010 to US $15.1 billion in 2011.

With NAFTA's help, Mexico has become Canada's third-largest trading partner behind the US and China

As for NAFTA as a whole, business with Mexico rose from 30.9 per cent of the overall three-way total in 2010 to 46.6 per cent in 2011.

In terms of Canadian exports, Mexico has become the fifth-largest buyer of this country's goods behind the United States, the United Kingdom, China and Japan. Canadian exports to Mexico totalled US$9.6 billion by the end of 2011. Mexico's NAFTA office says the amount is 721 per cent more than it was when the free trade deal was first introduced.

Canada's biggest exports to Mexico in 2011 were colza seeds, cars, aluminum alloys, wheat and steel.

Canadian imports of made-in-Mexico goods totalled $24.8 billion in 2011, more than eight times the value in 1993.

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