I’ve been looking recently at the structural changes in many of Latin America’s economies (through the evolution of their exports). The different trajectories are quite striking, as you can see in the graphs below.
Out of Latin America’s biggest economies, Mexico has transformed the most. In the 1980s the manufacturing sector comprised just 10 percent of total exports; today it is over 75 percent. Mexico’s economic diversification and dynamism, especially in the automotive and electronic industries, have held oil at a steady 10-15 percent of exports for the last twenty years, even as oil prices have risen (though, in fairness, production has also declined). Read more »