Mexico has a profitable export market and has even captured some of China’s trade share. The iShares MSCI Mexico Investable Market Index ETF (NYSEArca: EWW) offers investors near-term opportunity, however, the United States must be able to get economic growth back on track.

The Mexico ETF is up 30.8% year to date, according to Morningstar.

“Roughly 80% of Mexico’s exports went to the United States in 2011, and exports constitute more than 30% of Mexican gross domestic product (GDP)—which means that the United States generates a quarter of Mexico’s economic activity. Over the past two years, the United States has been a good export market because its economy has been one of the most stable globally,” Michelle Gibley wrote in a recent Charles Schwab note. [Hot Single-Country Emerging Market ETFs]

Key data points in Mexico has helped the nation bolster economic growth despite the corrupt headlines. For one, Mexico’s manufacturing growth has created job and income growth, which has supported consumer spending.

The malaise in the U.S. manufacturing sector and weaker U.S. dollar has created a cost equation that has benefited Mexico’s export market. Overall, inflation has also remained under control in Mexico, creating a good outlook for the country. [PIMCO Total Return ETF Manager Gross Offers 5 Investing Tips]