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Although silver mining brought many Spaniards to Mexico and silver was the largest single export from New Spain, agriculture was extremely important.There were far more people working in agriculture, not only producing subsistence crops for individual households and small-scale producers for local markets, but also commercial agriculture on large estates to supply Spanish cities.
The Alhóndiga de Granaditas (Regional Museum of Guanajuato) (public grain exchange) is an old grain storage building in Guanajuato City, Mexico. This historic building was created to replace an old grain exchange near the city's river. The name Alhóndiga translates roughly from both Arabic and Spanish as grain market or warehouse.
Since the colonial era, the economic history of Mexico has been characterized by resource extraction, agriculture, and a relatively underdeveloped industrial sector. Economic elites in the colonial period were predominantly Spanish-born, active as transatlantic merchants and mine owners, and diversifying their investments with the landed estates.
Two major price volatility crises in the early 21st century, during the 2007–2008 world food price crisis and 2022 food crises, have had major negative effects on grain prices globally. Climate change is expected to create major agricultural failures , that will continue to create volatile food price markets especially for bulk goods like grains.
[clarification needed] In 2023, Mexico had 13 companies in the Forbes Global 2000 list of the world's largest companies. [28] [29] Mexico's labor force consisted of 52.8 million people as of 2015. [30] The OECD and WTO both rank Mexican workers as the hardest-working in the world in terms of the number of hours worked yearly. Pay per hour ...
Under his leadership, Archer Daniels Midland acquired many smaller agricultural companies and expanded into international markets, [29] eventually becoming one of the world's largest agricultural processing companies. [4] [30] During this period, the company's soybean exports increased from $1.5 billion to $7 billion. [4] [31]
President Calderón opted for using price ceilings for tortillas that protect local producers of corn. This price control came in the form of a "Tortilla Price Stabilization Pact" between the government and many of the main tortilla producing companies, including Grupo Maseca and Bimbo, to put a price ceiling at MXN 8.50 per kilogram of tortilla. [6]