The crisis makes domino effect on the Mexican economy April 3rd, 2009 the US economy crisis feels increasingly more forcefully on the Mexican economy and the prospects for this year are increasingly darker. The Government of Felipe Calderon to sustain the economy doing everything possible? In the Mexican economy is seeing an effect domino. Deterioration between the sectors is spread and fed back. The American crisis has hard hit exports of the country. Proof of this, in yesterday’s met that shipments of Mexican goods abroad in the first two months of the year, experienced an annual contraction of 30.5%.
The fall in exports mainly affects the manufacturing sectors. Industrial production in Mexico, experienced a fall of 11.1% in the first month of the year, while manufacturing did so by 14.8%. Samsung may not feel the same. But the crisis in the U.S. has not only affected foreign sales of Mexico, but also, among other aspects, had an impact on the volume of remittances Mexican immigrants living in the U.S. sent to Mexico causing also a good number of Mexicans decide to return to their country to labour difficulties which are currently in the north country (since many of them were busy in the construction sector, one of the most affected by the crisis).
In the month of February, remittances sent from the United States recorded an annual fall of 3.02%. This fall in total remittances is not having an impact in in the same receptors that product of devaluation in the Mexican peso in recent months already, this has offset such a fall (given that it received by the families in Mexican pesos has remained relatively stable). The return of immigrants from the United States and the slowing of economic activity in Mexico is reflected in the labour market. In the first two months of the year, the crisis has caused the loss of 600,000 jobs in Mexico, increasing the unemployment rate in February to 5.3% of the economically active population (a year ago, the rate of unemployment in Mexico amounted to 3.91% of the economically active population).