Cost of NAFTA: Mounting Trade Deficit with Mexico
- Details
- Category: Free Trade & Regional Integration
- Published on Monday, 25 April 2016 04:35
Darren Weeks
Coalition to Govern America
April 25, 2016
We are reposting the stats that we have compiled from the U.S. Census Bureau, that show the explosion of the trade deficit with Mexico after the ratification of the North American Free Trade Agreement (NAFTA). We believe it is timely information, given the fact that Congress will soon consider whether to ratify the Trans-Pacific Partnership (TPP), which many are referring to as "NAFTA on steroids".
The highly-secretive TPP was negotiated in top secret by representatives from major corporations and would expand the damage done by agreements like NAFTA. Major corporations would be able to outsource more American jobs to countries like Vietnam, while suing the U.S. government in an international tribunal if it gets in the way.
While most Americans don't need a reminder of how bad NAFTA was to their economy, here is a chart that tells the story in numbers. Note that at the time this data was collected, only part of 2008 was available. Therefore, the information presented in the chart only represents part of that year. We imagine the situation has only worsened since.
| Year | Exports | Imports | Balance |
|---|---|---|---|
| 1989 | 24,982.0 | 27,162.1 | -2,180.1 |
| 1990 | 28,279.0 | 30,156.8 | -1,877.8 |
| 1991 | 33,277.2 | 31,129.6 | 2,147.6 |
| 1992 | 40,592.3 | 35,211.1 | 5,381.2 |
| 1993 ** | 41,580.8 | 39,917.5 | 1,663.3 |
| 1994 | 50,843.5 | 49,493.7 | 1,349.8 |
| 1995 | 46,292.1 | 62,100.4 | -15,808.3 |
| 1996 | 56,791.6 | 74,297.2 | -17,505.6 |
| 1997 | 71,388.5 | 85,937.6 | -14,549.1 |
| 1998 | 78,772.6 | 94,629.0 | -15,856.4 |
| 1999 | 86,908.9 | 109,720.5 | -22,811.6 |
| 2000 | 111,349.0 | 135,926.3 | -24,577.3 |
| 2001 | 101,296.5 | 131,337.9 | -30,041.4 |
| 2002 | 97,470.1 | 134,616.0 | -37,145.9 |
| 2003 | 97,411.8 | 138,060.0 | -40,648.2 |
| 2004 | 110,835.0 | 155,901.5 | -45,066.5 |
| 2005 | 120,364.8 | 170,108.6 | -49,743.8 |
| 2006 | 133,978.8 | 198,253.2 | -64,274.3 |
| 2007 | 136,092.1 | 210,714.0 | -74,621.8 |
| 2008 (January-June) | 73,979.2 | 109,680.9 | -35,701.7 |
*All figures in Millions US Dollars
**NAFTA signed in 1993
Source: US Census Bureau