The near delocalization (nearshoring) will begin to accelerate in Mexico, so the country’s new industrial policy must weigh this trend, highlighted the National Council of the Maquiladora and Export Manufacturing Industry (Index).
Nearshoring occurs when an organization decides to transfer work to less expensive companies closer geographically.
This positioning of the Index occurred one day after the Ministry of Economy announce an industrial policy selecting five strategic sectors: agri-food; electric-electronic; electromobility; medical and pharmaceutical services, and creative industries.
“The neashoring is going to start accelerating and this policy is going to have to focus on the national business, but we must also not stop looking at the export part,” said the president of the Index, Luis Manuel Hernández.
According to the Index, the export maquiladora and manufacturing sector is an intensive user of the Agreement between Mexico, the United States and Canada (T-MEC) and participates with 62% of Mexican merchandise exports.
Hernández evaluated the launch of the new industrial policy as positive, since it had the participation of the government and the business sector; but he added that now it is necessary to define how to land this policy so that each sector operates better. He also highlighted new opportunities for semiconductor production due to new clusters in the United States.
“Each sector must put its critical success identifier to see if it is working or not working,” Hernández said at a press conference on Wednesday. “With those sectors that were raised for work, what we are going to have to define are critical success factors.”
The export maquiladora and manufacturing industry generates more than 3 million direct formal jobs, which comprise 18% of total IMSS affiliations, and another 6 million indirect jobs.
The manufacturing sector in Mexico is very strong and, at the end of the day, it is going to have a high influence on this new policy for the country,” said Hernández.
In its most recent report on regional economies, the Bank of Mexico stated that Mexico’s geographical proximity to the United States and the existence of the T-MEC reduce institutional and monetary barriers to trade and facilitate the transit of products between these two countries.
Consequently, Mexico is a natural candidate for the relocation of companies that supply goods to the US market.
“We see greater acceptance of reshoring on the border (from Mexico to the United States), because it is the fastest way to reach the (US) market,” Hernández said.
According to the companies contacted as part of the interview program of the Banxicothe arrival of more foreign companies in Mexico seeking to benefit from proximity to the United States has been observed.
This is mainly due to the trade tensions between China and the United States and to the rules of origin of the T-MEC, which were mentioned by 49.3 and 49.0% of the companies interviewed, respectively.
In addition, 33.3% of contacts mentioned that this is due to the Covid-19 pandemic, 29.3% due to the war between Russia and Ukraine, and 28.1% indicate that this was developing before, due to other factors.
roberto.morales@eleconomista.
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