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So if a building makes 64 iron (max level iron mine), you can trade that iron to 5-6 trading partners **. But if you have a second iron mine producing another 64, you won't make any extra money. Since you can't trade more than 12 units of iron to each trading partner, all the second building would do is even out trade (giving everyone the max value, if they were not already at the max), and a few hundred gold from the building itself.
There is a mod called Better Trade, which lets trade make more money by increasing the trade cap from 12 units to something higher. Personally, I like it and it is one of the few mods I currently use.
** Theres a small leftover that will get traded to the 6th, or the overall amount to everyone gets averaged to 5.3 units. (64 divided by 12 is 5.3 repeating). Once again I'm not 100% sure what the system does about averageing, or if newer trade partners just recieve less resources than older more established partners.
TL;DR: Only upgrade or build more buildings of the same resource, if you have a lot of trading partners. I'm talking like 6+ trading partners. Unless you get the Better Trade mod which lets you make more money from trade.
Yes they do.