The economy of Mexico is comprised of a mixture of modern and outmoded industries and agriculture, all of which have become dominated by the private sector in recent years. Among the top industrial manufactures in Mexico is the automotive industry, which is internationally recognized in quality standards and extends well beyond assembly to include advanced research and development activities, as well as the production of technologically complex components. The US’s “Big Three” automotive companies (General Motors, Ford, and Chrysler) have operated in Mexico since the 1930s, with Volkswagen and Nissan establishing presences throughout the 1960s. Mexico’s industrial sector also includes Cemex (the 3rd largest cement conglomerate in the world); Gruma (the top producer of corn flour and tortillas in the world); and the broadcast network Televisa. Overall, high-tech industrial production accounts for nearly 20% of the nation’s total exports.

Most significant in terms of export activity, however, is oil. Mexico ranks as the 5th largest oil producer in the world, at 3.8 million barrels a day. Mexico’s Pemex is the largest company (of any industrial sector) in Latin America, and is responsible for the research, exploitation, and sale of the nation’s oil, netting US$86 billion a year in sales. Despite these facts, Mexican oil exports have actually decreased in economic significance in recent decades, accounting for 62% of total exports in 1980 and a mere 7.3% by the year 2000. The agricultural industry also plays a significant role in the economy, with its chief products being corn, wheat, soybeans, rice, cotton, coffee, fruit, tomatoes, beef, poultry, dairy products, and wood products.

Currently accounting for over 70% of the country’s GDP is the service sector, which provides employment for 58% of the active population. This service sector includes financial and banking services, warehousing, transportation, telecommunications, restaurants and hotels, health, education, and arts and entertainment. In 2001, Mexico’s service sector replaced Brazil’s as the largest service sector in Latin America (as measured in US dollars). Also highly significant to Mexico’s economy is tourism, which provides its 4th largest source of foreign exchange. With over 20 million visitors per year, Mexico ranks as the 8th most visited country in the world.