Final answer:
Mexico's economy features a strong mining sector with precious minerals like silver, and an agricultural sector producing significant export crops. The service sector has grown to dominate the economy. NAFTA and economic reforms have integrated Mexico into the global economy, especially in the industrial sector.
Step-by-step explanation:
Mexico's economy is diverse and includes a variety of natural resources and economic activities that contribute significantly to the country's growth. The country has a robust mining industry, extracting valuable minerals like silver, copper, gold, lead, and zinc, all of which add to Mexico's economic strength. Besides mining, other materials like salt, fluorite, manganese, sulfur, and gypsum are also of economic importance. Furthermore, Mexico's petroleum and natural gas reserves are vital components of their exports, especially to the United States, despite concerns of declining petroleum resources.
Agriculture, while representing a smaller share of the economy, still plays an important role. Only about 13 percent of Mexico's land is cultivated, but it produces significant amounts of tomatoes, corn, vanilla, avocado, beans, cotton, coffee, sugarcane, and fruit. Key export crops include coffee, cotton, sugarcane, tomatoes, and fruit, primarily to the United States. Additionally, the shift towards a less centralized economy with increased private sector involvement has led to a growing service sector, currently comprising around 60 percent of Mexico's economy, with the industrial sector at 33 percent and agriculture just above 4 percent.
Recent economic reforms and the establishment of the North American Free Trade Agreement (NAFTA) have boosted Mexico's industrial sector and facilitated its integration into the global economy. The industrial sector now exceeds the agricultural sector in terms of exports, backed by a strong steel industry, automotive manufacturing, high-tech companies, and increased production in semiconductors, computers, petrochemicals, and aircraft.