Mexico's Nearshoring Emerge:
Reshaping the Economic Landscape
Mexican economy = good performance on this year...
- Domestic demand - strong labor market and remittances from abroad
- Private consumption remains solid
- Rebounded fixed investment
- Nearshoring dirven demand - machinery and construction
- Exports decreased 2
Fuente: INEGI 1
Construction
GDP Forecast
Inflation
Exchange rate
expected to be 4.7% at end of the year
raised to 3.5% from 2.8%
reach $17.9 at end year
expected to grow +11%
Exports
Fixed investment
State's Growth
Manufacturing
decreased marginally
Tabasco (+10.3% yoy), Oaxaca (8.4%
yoy) and Quintana Roo (+7.9% yoy)
rebounded for 2023
Deacelerating, but remains a driver of national economy
Coming from
Why?
- NAFTA vs USCMCA
- COVID
- Logistic disruption
- US China tariffs
- Russia-Ukraine war
Golden opportunity
Benefits
Where?
- Nuevo León
- Jalisco
- Coahuila
- SLP
- Tamaulipas
nearshoring
- Enhace bilateral relation with US
- Increase in Exports
- Boost productivity and R&D
- 1.1 million jobs more
- New techologies
- Manufacturing add 2.4% to GDP
When a company moves all pf parts of production closer to final consumer, reducing costs and coiding setbacks 3
The multinational conglomerate, with a strong presence in aerospace, has established a significant manufacturing footprint in the country. Their aerospace facility in Mexicali, part of the Baja California aerospace cluster, consistently produces high-quality products with the help of over 10,000 employees5.
The company is planning to build a new factory in Mexico. This factory will produce batteries and other components for Tesla's electric vehicles. The factory is expected to create thousands of jobs and generate billions of dollars in investment.
Estimated investment = US$5.000 millions 4
Fuente: Deutsche Wellle
Fuente: Mexico Now
- INEGI (2023) Indicadores Trimestrales, https://www.inegi.org.mx/contenidos/saladeprensa/boletines/2023/ouab/ouab2023_09.pdf
- Deloitte (2023) Mexican Economic Outlook. https://www2.deloitte.com/mx/es/pages/finance/articles/mexico-economic-outlook-2023.html
- Deloitte (2023) Nearshoring in Mexico, https://www2.deloitte.com/us/en/insights/economy/issues-by-the-numbers/advantages-of-nearshoring-mexico.html
- Welle, D. (2023, March 1). Tesla invertirá USD 5.000 millones en su planta en México. dw.com. https://www.dw.com/es/tesla-invertir%C3%A1-unos-usd-5000-millones-en-su-planta-en-m%C3%A9xico/a-64848881
- Saldaña, J. (2022, November 28). Honeywell expands its operations in Nuevo Leon - MEXICONOW. https://mexico-now.com/honeywell-expands-its-operations-in-nuevo-leon/
Mexican Economy Overview
Melissa S
Created on October 23, 2023
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Transcript
Mexico's Nearshoring Emerge:
Reshaping the Economic Landscape
Mexican economy = good performance on this year...
Fuente: INEGI 1
Construction
GDP Forecast
Inflation
Exchange rate
expected to be 4.7% at end of the year
raised to 3.5% from 2.8%
reach $17.9 at end year
expected to grow +11%
Exports
Fixed investment
State's Growth
Manufacturing
decreased marginally
Tabasco (+10.3% yoy), Oaxaca (8.4% yoy) and Quintana Roo (+7.9% yoy)
rebounded for 2023
Deacelerating, but remains a driver of national economy
Coming from
Why?
Golden opportunity
Benefits
Where?
nearshoring
When a company moves all pf parts of production closer to final consumer, reducing costs and coiding setbacks 3
The multinational conglomerate, with a strong presence in aerospace, has established a significant manufacturing footprint in the country. Their aerospace facility in Mexicali, part of the Baja California aerospace cluster, consistently produces high-quality products with the help of over 10,000 employees5.
The company is planning to build a new factory in Mexico. This factory will produce batteries and other components for Tesla's electric vehicles. The factory is expected to create thousands of jobs and generate billions of dollars in investment.
Estimated investment = US$5.000 millions 4
Fuente: Deutsche Wellle
Fuente: Mexico Now