Mexico is a crucial nearshoring destination as more and more companies bring their manufacturing to North American shores. Manufacturing goods closer to the North American consumer can help mitigate the pain of future global supply bottlenecks, such as the breakdown of the global supply chain in 2021 and 2022.
The vast majority of Mexico’s rising number of exports are shipped to the US, and as of last year, the US is importing more goods from Mexico than it is from China. This shift in US trade partners giving Mexico’s industrial sector a leg up on its North American neighbors this business cycle. US Annual Mexico Industrial Production is at record highs and 3.3% above the year-ago level, while annual Industrial Production in both the US and Canada are mildly below their respective year-ago levels.
Where does ITR Economics see Mexico’s economy in the coming years? What are some key industries of growth for Mexico’s industrial sector, and how does Mexico stack up in these industries relative to other manufacturing destinations? For example, where does the growing Mexican automotive industry stand compared to those of the US and China?
In the July Business Series Webinar, host Connor Lokar will go in depth on the opportunities of this nation. He will detail how strategically sourcing inputs from Mexico could help your business reach your goals, shorten your lead times, and help insulate you from future global supply chain constraints.
This webinar recording is an Insider™ member exclusive! Learn more and sign up today to receive this complimentary recording later this month.