In 1995, nonmaquiladora manufacturing exports rebounded significantly as a result of the 1994 peso devaluation, driving down maquiladora exports to their 1984 level of 46.7 percent. The maquiladora industry's prominent role in Mexican trade has made it one of the country's largest generators of foreign exchange. In the early 1980s the industry surpassed tourism as the second-largest source of foreign exchange, trailing only the oil sector. The views expressed are those of the author and do not necessarily reflect the positions of the Federal Reserve Bank of Dallas or the Federal Reserve System. Articles may be reprinted on the condition that the source is credited and a copy of the publication containing the reprinted material is provided to the Research Department, El Paso Branch, Federal Reserve Bank of Dallas.
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