Mexican president says economy in full recovery

11:50, October 29, 2010      

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Mexico's economy is in full recovery, thanks to a revival in export growth, Mexican President Felipe Calderon said Thursday.

"Mexico is replacing Canada as the second largest exporter to the United States in non-energy products. We are increasing our exports compared with Japan, Brazil and others that export to this market," Calderon said when addressing the Mexican Council for Foreign Trade,Investment and Technology at his official residence Los Pinos.

Mexico has been experiencing an export-led recovery. The United States remains its largest export partner, buying 60 to 80 percent of goods it ships overseas.

The Mexican economy declined dramatically in the first half of 2009, due to its close linkage with the United States.

Bitten by an economic recession, U.S. consumers stopped buying Mexican products. At the same time, a worldwide financial crisis hit Mexican banks and dissuaded them from lending to consumers and businesses.

"After the crisis, Mexican exports began growing in July last year," Calderon said, "In September, growth was around 20.8 percent year-on-year."

The president added that the government had learned from the crisis and is pushing to diversify Mexico's financial and economic links with the rest of the world.

Source: Xinhua


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