Nearshoring boosts state exports

The entities on the northern border of the country have taken advantage of nearshoring, a situation that is reflected in the dynamism of their exports.

According to data from the National Institute of Statistics and Geography (Inegi), the states with the highest value of sales abroad in the first three quarters of 2022 registered double-digit annual growth rates: Chihuahua, Coahuila, Baja California and Nuevo León.

Chihuahua was the first national place in merchandise exports with 55,736 million dollars, 46.1% more than in the same period of 2021 and whose bastion was the manufacture of computer equipment, communication, measurement and other equipment, components and electronic accessories with 54.3%. of the total value and an annual growth rate of 46.1 percent.

The second place corresponds to Coahuila with 44,774 million dollars, amount that meant an annual increase of 16.0%; Its main sector was the manufacture of transportation equipment, contributing 65.0% of total foreign sales and presenting an annual increase of 18.4%.

The podium is completed by Baja California with a value of 38.828 million dollars and an annual increase of 12.2 percent.

In this case, two industries concentrate more than half of state exports: transportation equipment (24.5% growth) and manufacturing of computer equipment, communication, measurement, and other electronic equipment, components, and accessories (3.6 percent).

Finally, Nuevo León showed 38,431 million dollars in merchandise exports, giving an increase of 25.9%; transportation equipment was its engine with 13.291 million dollars, which represented a rise of 21.4 percent.

This dynamism came mainly from nearshoring, a concept that stems from the trade war between the United States and China and refers to the relocation of production processes abroad to lower costs, and lower labor costs, according to BBVA Research, are the reason more evident why more industries have come to Mexico.

Added to this is the proximity to the United States and transportation costs. “A 53-foot container costs $600 to ship from Tijuana to Los Angeles; while from China to this port it costs 5,000 dollars, costs that have increased considerably in recent months”, details the financial group.

The highlights

Tamaulipas completed the top 5 states with the highest export value (25,254 million dollars) in the accumulated January-September 2022.

However, behind Tamaulipas were two states that do not belong to the northern border region: Guanajuato (23.510 million dollars) and Jalisco (19.566 million), which even surpassed Sonora (17.873 million).

Campeche, representative of the Mexican southeast and whose economic vocation is oil mining, also stands out in the top 10, with 15.262 million dollars.

Meanwhile, the highest annual growth was registered in Quintana Roo with 782.9%, although it was the state with the lowest export value (43 million dollars).

While the red flags were the entities with falls: Sinaloa (0.2%), Aguascalientes (0.9%), Zacatecas (4.6%) and Morelos (10.9 percent).

estados@eleconomista.mx