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Recent and upcoming investment in Mexico

ECONOMY AND INDUSTRY

  • Revenue from international tourism to Mexico jumped 256% in August with respect to the same month in 2020, according to data from the National Statistics Institute (INEGI). Nonetheless, income from international tourism remained 6.9% below the level registered in the same month of 2019. (Citibanamex Reporte Económico Diario, October 11, 2021)
  • Mexico’s inflation rate through September as measured by the National Consumer Price Index (INPC) is 6.0%, Citibank subsidiary Citibanamex reported. The bank projects final 2021 inflation to reach 6.4%. (Citibanamex Estudios Económicos, October 7, 2021)
  • Remittances to Mexico from abroad continued their remarkable performance in August, registering an increase of 32.7% over the same month the previous year, according to central bank Banco de México (Banxico) data. The value of remittances is running approximately 25% ahead of 2020 through the first eight months of this year. (El Financiero, October 1, 2021)

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Recent and upcoming investment in Mexico

COVID-19

Mexico has suffered something of a setback in its emergence from the COVID-19 pandemic over the past month.  On the epidemiological traffic light system, Mexico City had reached green, or mild restrictions, as the beginning of the month only to return to the higher restrictions of the yellow level following the June 6 national elections.  The number of states at the orange or significant restriction level rose from one to five during the month, with reported increases in COVID cases particularly in tourist zones such as the Riviera Maya (Cancun), Yucatan and Baja California.  No PCR test or quarantine is required to enter Mexico for travelers arriving by air.

ECONOMY AND INDUSTRY

  • Same-store retail sales jumped 33.9% in May with respect to the same month last year, the National Retailers Association (ANTAD) reported. The size of the increase is due largely to the plunge in sales in May 2020 resulting from the initial COVID-19 lockdowns. (Reforma, June 11, 2021)
  • Mexico’s central bank Banco de México (Banxico) raised its projection of GDP growth to 6.0% for the current year, up from a previous estimate of 4.8%. The improved outlook is based on advances in COVID-19 vaccination, strong demand for exports and better than expected first quarter growth. (Citibanamex Reporte Económico Diario, June 3, 2021)
  • Remittances to Mexico from abroad through the first four months of the year are running 19.1% ahead of the same period last year, central bank Banco de México (Banxico) reported. Remittances are on track to post their strongest annual growth since 2005. (Milenio, June 1, 2021)

Continue reading Recent and upcoming investment in Mexico

Recent and upcoming investment in Mexico

Information collected from media reports over the last month:

  • Vegetable oil: U.S. agricultural commodities trader Cargill expanded its grain processing plant in the central state of Hidalgo to include an additional production and bottling line. The US$16 million upgrade will produce vegetable oil principally to supply Walmart stores, the company reported. (Expansión, March 28, 2019)
  • Railroad: Mexico’s Grupo México corporate group reported investment plans totaling approximately US$555 million to support its railroad subsidiaries Ferromex and Ferrosur. Areas targeted for upgrades include locomotive maintenance, track materials and rehabilitation, new rolling stock and related equipment and land purchases. (Reforma, March 27, 2019)
  • Ports: Major new infrastructure under construction at the Port of Veracruz on Mexico’s Gulf coast will begin entering operation later this year, the Veracruz Port Customs Agents Association reported. The US$3.7 billion upgrade includes four new specialized terminals for fluids, bulk agricultural products, bulk mineral products and containerized and loose cargo. (Reforma, March 25, 2019)
  • Oil refining: The Mexican government invited international companies to bid on the construction of a new oil refinery in the southeastern Gulf coast state of Tabasco. The project, estimated to require investment of US$6 – 8 billion, will include 17 processing plants, 19 storage tanks, a rail line and ship docking facilities. (Reuters, March 18, 2019)
  • Manufacturing: Mexican construction finishings manufacturer Lamosa announced a US$100 million investment plan that includes US$23.3 million to support Mexico operations. The company produces ceramic tile, adhesives and flooring materials at 13 production plants in Mexico. (Reforma, March 14, 2019) Continue reading Recent and upcoming investment in Mexico