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I'm going to call this "great sucking sound, 2.0"
My suspicion is the EU didn't get the sucking sound effect from Mexico, because NAFTA predated Mexico's free trade agreement with the EU, so Mexico's primary focus has been the US and Canada. Indian industrial wages make Mexicans look rich.
from the net sifter:
Summary Table of Comparative Data (Approximate)
Metric (Approx. 2023-2025)........Mexico............................India
Avg. Mfg Hourly Wage...........$2 - $6 USD.........................< $2 USD
Annual Salary (Mfg).........High ($15k-$20k+ USD)..........Low (~$4k USD)
IT/Developer Monthly..........~$1,700 USD...................~$900 USD
Key Advantage......Proximity to US, Efficiency.........Extremely low labor costs
In a few years, the EU will see it's industrial base hollowed out, just as the US has, with the resulting social problems.
Actually, the sucking sound has already started. Starting in 2027, the VW Golf, for sale in the EU, will be built in Mexico, while VW closes a German plant.
Steve
