Mexican exports down
This Mexican business sends most of what it makes to the U.S., like many Mexican factories. The plant manager says orders from his principal customers have fallen to the point that he’s cut his pay rate several times. His case is typical: Mexico’s industrial sector has been particularly hard hit as the U.S., the destination for 80% of Mexican exports, teeters on the edge of recession. This economist says Mexico’s Central Bank has reacted by extending loans to Mexican businesses shut out from commercial banks, and he says there are opportunities for Mexico if the government makes needed changes like reforming Mexico’s oil industry, for example.
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