3  As a proportion of Mexico’s total exports, exports to the United States rose from 56.4 percent in 1982 to almost 90 percent in 2000, but fell to about 80 percent in 2010. Magee (2008) shows that in the case of NAFTA and other regional trade agreements, trade creation considerably surpasses any trade diversion.
See Magee, C.S.P, (2008), “New Measures of Trade Creation and Trade Diversion”, Journal of International Economics 75: 349–362. 2  BIS central bankers’ speeches  The international financial turbulence has also negatively affected the peso bond market, although to a much lesser degree than the foreign exchange market.