INEGI has given record of an increase in the GDP of the first quarter of 2023 in the machinery and equipment sector, representing 0.93% over the previous quarter, and 5.98% over the same period of the previous year. Continuing with figures provided by the National Institute of Statistics and Geography, our country announced an increase in gross fixed investment by 18.8% in this first quarter, such increase was powered by the machinery and equipment sector.

Authorities announced that during the 2022 fiscal year, the machinery and equipment sector grew by 6%; however, growth has accelerated thanks to nearshoring and the arrival of foreign companies to the country, for which both the sector must be prepared to meet such demand, as well as local companies updated to remain in the market and not be affected by the arrival of transnational companies.

Another growth factor has been the preference for Mexico over the Asian giant that has worn the crown all these years, China. Thirty-three percent of supply chain managers plan to move machinery and equipment out of China by 2022 and 2023, with Mexico as one of their main options. Our country stands out thanks to the competitive advantages it has such as its excellent strategic location, and the wide variety of international treaties that the country has, mainly that Mexico has value-added requirements of the region by the USMCA.

This economic growth is a great opportunity for economic spillover in the territory, so the sector asks the competent authorities and the government for support to facilitate the procedures for the importation of these goods, as well as the creation of fiscal incentives for those companies that increase their productive capacity. In addition to this, the sector requests that consideration be given to strengthening support programs and loans at affordable interest rates so that SMEs can access new equipment.

The importance of the machinery and equipment sector in Mexico is closely related to the importance of manufacturing and fabrication in the country. Among its main markets we can find the manufacture of agricultural machinery, construction machinery and mining machinery.

As is well known, Mexico has stood out in recent years for the production, assembly, and manufacturing of the automotive sector, so the country is known for its production of automotive engines and transmissions; however, it also has a strong market for specialized machinery in sectors such as energy, petrochemicals, and construction.

The Estado de Mexico continues to be at the forefront of growth and sales in the sector, as in the third quarter of 2022, it had 317,000 registered people working as machinery operators and their installation in the industry. Guanajuato, with 188,000 registered people working, and Jalisco, with 181,000 registered people working, join the list in second place. It is expected that by the end of this year, this figure will increase thanks to the demand and boom that the sector has had for both domestic and international markets.

Mexico wants to prepare and take advantage of all the economic growth opportunities that nearshoring has brought to recover the productive and economic levels that the country had before the COVID-19 pandemic. One of the main sectors in which this boost will be reflected is in the labor supply and the improvement of job opportunities in the country, which translates into a better quality of life and well-being for its citizens.