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Comce projects record year for Mexico’s economy – T21

Comce projects record year for Mexico’s economy – T21
Comce projects record year for Mexico’s economy – T21

The Mexican Business Council for Foreign Trade, Investment and Technology (Comce) announced that this year Mexico reached unprecedented positions in the recent history of the country in terms of trade and investment. rise to ninth position in both global exports and foreign direct investment (FDI) destinationwhich places the country as a leader in the international economic panorama.

According to Comce, the international economic engine that the country offers for business and international trade will allow 2024 ends as a year with 3% growth for exports and 8% in FDIcompared to the previous year.

The agency explained that, according to figures from the Ministry of Economy (SE), in the period from January to March 2024, FDI in Mexico reached 20 thousand 313 million dollars (mdd)distributed in intercompany accounts (98.6 million dollars), new investments (599 million dollars) and reinvestment of profits (19 thousand 615 million dollars).

Regarding FDI, Comce projections indicated that Mexico could achieve an inflow of resources for an amount of 39 billion by the end of 2024which underlines the confidence and commitment of international investors in Mexico’s economic potential and stability; especially in the context of the nearshoring.

“We are witnessing a historic moment for Mexico in the field of international trade and investment, thanks to nearshoring. Mexico’s rise in these global indicators is a clear sign of the importance of the country as an export power and as a destination for FDI at a global level,” said Sergio Contreras, executive vice president of Comce.

It should be remembered that last February the SE reported that in 2023 the country added a total amount of 36 thousand 058 million dollars in FDIwhich represented a 27% increase compared to the end of 2022 when 28,416 million dollars were reported, the positive performance was mainly driven by the reinvestment of profits.

Likewise, Comce’s expectations for exports indicate a growth outlook with a projection of 610 billion dollars by the end of 2024which would represent a record figure, this is mainly attributable to the dynamism of the manufacturing sector, with the automotive and auto parts industries being the most active.

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