Mexico expects to sell 7.1 billion dollars. The benefits expected to spill over from nearshoring and the arrival of foreign capital to the country are beginning to be reflected; however, experts say that it will take at least 3 to 5 years to see the benefits effectively reflected in the economy of the territory.
Mexico has become a magnet for nearshoring, thanks to its strategic location, the large number of trade agreements, skilled labor and natural resources, the country has great potential to attract investment and expand its market.
The tooling and machinery sector is an important component in economic terms in the region. Mexico is currently the eight largest consumer of machinery and tools in the world. During 2022, this sector grew by more than 10%, and is expected to exceed this growth in 2023.
Nearshoring is not the only factor that has benefited the increase in demand in the sector, the manufacture of electric vehicles, the increase in technology and environmental care have also driven this benefit. Carlos Montera, director of the Association of Technology for Manufacturing, assures that sales have already shot up by 13% and that during 2023 there will be some 7.1 billion dollars in the consumption of tools and machinery for the manufacturing industry in Mexico.
The arrival of transnational companies forces us to concentrate efforts in the development of the sector, since both transnational companies and SMEs, on average buy a machine everyone, three, or five years, depending on the sector.
The challenge for companies dedicated to the manufacture of tools and machinery does not end with satisfying the growing demand for sales; a large part of the market and the operations of these companies are focused on the maintenance of machinery and customer service. Highly qualified personnel are required to provide the necessary support and maintenance of the machines to extend their useful life.
Nationally, the states that acquire and use the most machinery in the country are Nuevo Leon, Queretaro, Coahuila, San Luis Potosi, Tamaulipas, Jalisco, Guanajuato, and Estado de Mexico. Turning to international terms, Germany has distinguished itself for years by satisfying a large part of the world’s demand for machinery and tools; however, the growth of the Asian power, China, has been seen in the sector. In Latin America, Mexico accounts for 58% of machine tool consumption.
In line with the United Nations initiative and its 17 Sustainable Development Goals, companies are obliged to continue innovating and investing in technology to improve their production processes in favor of environmental care. The certification of these processes and the increase of technological tools have been part of the growth in consumption of the machinery industry in Mexico.
Mexico has the potential to take advantage of the opportunities that are presenting themselves and it is time for all possible sectors to benefit from the relocation of international companies in our territory.