Investment Destination - Mexico

8/15/2019 Investment Destination - Mexico

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As a consultant employed by a multi-national firm I would encourage them to go ahead with theirexpansion plans and invest in Mexico.

First I’ll give a brief about Mexico followed by an analysis of its past, present & projections for thefuture, and based on the facts and figures provide recommendations at the end.

In 2001 the world began talking about the BRIC countries - Brazil, Russia, India and China - aspotential powerhouses of the world economy. The term was coined by economist Jim O'Neill, whohas now identified the "Mint" countries - Mexico, Indonesia, Nigeria and Turkey - as emergingeconomic giants (The Mint countries: Next economic giants?, 2014). MINT countries show thegreatest potential for a significant increase in growth of their economic activities in the near future.All four countries have gained attractiveness over the past five years, with Turkey and Mexicoranking even ahead of Brazil and Russia (Which Are the Best Countries to Invest In?, 2014).

Following are a few quick facts about the potential of the Mexican economy and its attractiveness toinvestors:

Mexico is the 14th largest economy in the world and 2nd in Latin America (Why invest inMexico, n.d.).

By 2050, Goldman Sachs has tipped Mexico to become the 5th largest economy in the world,above countries like the UK (Why invest in Mexico, n.d.).

The average growth of the Mexican economy for the 2013-2019 period is 4% with acontrolled inflation rate of 3.8% (Why invest in Mexico, n.d.).

According to the Global Competitiveness Report 2011-2012 of the World Economic Forum,Mexico ranked on 39th place in macroeconomic environment out of 142 countries (Whyinvest in Mexico, n.d.).

Mexico is a manufacturing powerhouse: 80% of its exports are in manufacturing (InvestmentIn Mexico, 2014).

Mexico, an upper middle income country with one of the highest per capita income among the LatinAmerican Countries (2013). It is a member of OEDC and G20. Today, Mexico is an open economywith trade agreements with over 40 countries. Mexican economy is a concoction of modern as wellas out-of-date practices both in industrial and agricultural sector, private sector dominates theeconomy. Government of Mexico has taken multitudinous efforts in the recent times to improve theinfrastructure in the country to favour its growth prospects. It has opened up competition inseaports, electricity generation, telecommunications, distribution of natural gas, airports, railroadsand so on to boost the trade (Investment In Mexico, 2014).Mexico sustained the global financial crises with a set of sturdy macroeconomic policies. Aftersuccessfully dealing with the economic turmoil as a result of the low oil prices, again in the mid-nineties due to significant undervaluation of its currency, Mexico has experienced an impressive turnaround after the turn of the century. (Investment In Mexico, 2014) . Mexico’s innovations is thesocial policy have been a matter of global learning (2013). This momentum of growth lasted forseveral years, Mexico was relatively unaffected by the 2002 South American crises until the 2008global economic crises. The financial crises of 2008 had a detrimental effect on the Mexicaneconomy eventually taking a heavy toll on the immediate growth prospects of the Mexicaneconomy.

Following are the macroeconomic variables that have suffered due to the global financial crises:

EFFECT ON MEXICO’S GDP GROWTH :Mexico’s economy was one of the worst affected due to the global financial crises as

compared to the other countries in the in the Latin American region, this was largelybecause Mexico’s economy was immensely dependant on manufacturing exports to the US.


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(Villareal)

In Central America, El Salvador had the most negative economic contraction of about -3.6%,where as in South America, Paraguay suffered the most with an economic contraction of -3.8% (Villarreal, 2010). Most of the Latin American countries were affected by the recessionbut not as severely & as deep as Mexico, their economies were experiencing a high rate ofgrowth before the crises and were not as dependant on the US economy as Mexico was.

EXPORTS :Mexico major exports are the assembled manufactured products primarily in automobileand other durable goods sector, its exports are primarily focused on the United States.Exports of these goods to the United States accounted to nearly 80% of its total exports. Theglobal financial crises, with its genesis and predominance in the United States, led to atremendous drop in the exports of Mexico. Mexico’s Exports to the US had dropped bynearly 17.6% in the year 2009 where to all the other countries it decreased by 24.4% to$234.4 billion. Mexico’s non -oil exports fell by nearly 28% from 2008 to 2009.

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3.33.9

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2006 2007 2008 2009 2010 2011 2012 2013

GROWTH RATE(%): GDP OF MEXICO

223.4 234.6

193.3229.9

262.8 277.5272292.6

229.6

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349.7370

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100

150

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250

300

350

400

2006 2007 2008 2009 2010 2011 2012 2013

EXPORTS OF MEXICO ($ billion)

To United States Total Exports


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(Villarreal, 2010) (Mexico Exports, n.d.) (Trade in Goods with Mexico , n.d.) (Historical DataGraphs per Year, n.d.)

The trade between the United States and Mexico had grown since the signing of the NorthAmerican Free Trade Agreement (NAFTA). After the agreement, the labour intensive

production processes were reapportioned to Mexico, this led to a surge in the importance ofthe intermediate goods in the trade structure of the Mexican economy increasing thecorrelation between the imports and the exports. Due to the global financial crises, this co-relative balance between the exports and imports got disturbed, demand for these goods inthe United States dropped sharply having an adverse effect on the Mexican economy due todecline in the exports.

FOREIGN DIRECT INVESTMENTS :Due to the global financial crises, the flow of FDI in Mexico dropped sharply in the year 2009.The total inflows from FDI dropped by 50.7%, a decline from $23.1 billion in 2008 to $11.4billion in 2009 (Villarreal, 2010).

FDI from Unites States had increased considerably due to the implementation of NAFTA. Itincreased from $17 billion in the year 1994 to $95.6 billion in the year 2008. Investorconfidence was boosted by the signing of the NAFTA agreement leading to an increased flowof FDI from the US, also the liberalization policies adopted by Mexico tremendouslyfavoured the investor sentiments.Manufacturing Industry and the financial services sector were the two major sources of FDIin Mexico. Both the sectors experienced a major decline in the investment inflows due tothe financial crises. Approximately 44% of the total FDI inflows between the years 1999 -2000 was in the manufacturing sector, of which maquiladora industry is a part of, where as26% was in the financial services sector. The FDI Inflow in the manufacturing industrydecreased by 32.6% in the year 2009, dropping from $7.2 billion in 2008 to $4.8 billion in

2009 where as in financial sector FDIs dropped from $4.6 billion to $2.6 billion. (Villarreal,2010)

EMPLOYMENT :The labour market condition in Mexico was adversely affected during the financial crises,unemployment reached its highest since 2000. This in turn had a cyclic effect on the retailsales as the private consumption fell drastically due to rising unemployment. Theunemployment rate in the last quarter of the year 2009 was recorded as the highest in thedecade, with the urban areas being the heavily affected strata of the society due to therising unemployment. The unemployment rates reached 7.6% in the cities whereas in thesmaller cities it was 3.7%. According to a report by International Monetary Fund,

unemployment rate had peaked in the year September 2009.Due to the global financial crises, the number of job opportunities available in the formaleconomy were reduced to negligible numbers. Even though the informal market sector ofthe economy had some jobs but they were very low paying jobs, earning from such jobswere miniscule and hardly contributed to the economy in any way. Still, the global crisespushed people to either take up the jobs in the informal market or be self-employed. Thenumber informal jobs nearly doubled in the third quarter of the year 2009 as compare to thesame time in the last year (Villarreal, 2010). According to a report the number of peopleworking in the jobs available informal markets was 39.9% and if the jobs in formal sector areto be considered who offer no medical/health coverage to the employees, this numberincreased to 45.3%. This trend of the number of jobs growing in the informal market is

detrimental to the economy, as a worker in there does not receive same benefits as theircounterparts working in the formal market. Informal sector is usually compromised of the


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poorer section of the society who are unable to save for their retirement or health insuranceor a house.

The economic crises has by large affected the youth of the country as is elsewhereworldwide. While the global financial crises may motivate some youngsters to stay inschools longer at the same time had a negative effect on the few causing them to lose hopeand aspirations to get employed and settled thus increasing the dropout rates from schools.This is a serious concern to the Mexican government as the youngsters who drop out ofschool at an early age more or less tend to join the criminal organizations or migrate illegally

to the US. According to one of the top official of Mexico, nearly 700,000 youngsters haddropped out of school in the year 2009 (Villarreal, 2010). Even though the government triedimplementing policies to bring the students back but it was largely unsuccessful. Thesestudents who had dropped out of school the find it difficult to get jobs and thus are unableto have an income. These vicious circles of poverty triggered by the unemployment dueglobal economic crises dropped the overall level of income of the Mexican society.

MANUFACTURING :Earnings from the export of manufactured goods formed a major chunk of Mexico’s GDP.Due to the recession there was a sharp decline in the demand for manufactured goodsworldwide especially the US, this hit the Mexican manufacturing industries hard. This drop in

demand and drop in industrial production lead to a drop in the consumer and customerconfidence, thus putting a downward pressure on the consumption and investment (OECDEconimic Surveys: Mexico, July 2009). The financial crises had increased the rate ofunemployment worldwide in the year 2008 - 2009, Mexico’s job losses were in the sector ofexport oriented manufacturing industry due to decline in demand, it was a majoremployment provider throughout the country.The annual growth rate of the industrial production in Mexico decreased from 5.7% to -0.6%in the year 2008, it further plummeted to -10.6% in the year 2009. (Quatrerly Review andOutlook: Latin american and Caribbean, 2009)Global financial crises coupled with the increase in the violence along the US-Mexicanborder had adverse effects on the export oriented manufacturing industries setup along theborder causing many to shut down. Most of these industries were from the US, some and


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their parent companies in Europe & Asia. The area along the Mexican-US border had thehighest concentration of the manufacturing & assembly plants and workers.Ciudad Juarez, Chihuahua, this city had the highest concentration of jobs in the exportassembly plants (Villarreal, 2010), it subsequently experienced highest number of job lossesdue to the economic downturn and the drug related violence along the border areas.

Manufacturing employment in Ciudad Juarez experience a 22% decline in jobs, decreasingfrom 214,272 in July 2009 to 168011 in December 2009. Export oriented manufacturingindustries had increased from 5083 in July 2007 to 5245 in December 2009 but theemployment decreased by 14% from 1,910,112 in July 2007 to 1,641,465 in December 2009.(Ibid)

FALL IN REMITTANCES :Mexico’s remittance inflows represents 4% of the total GDP. Banco de Mexico (Mexico’sCentral Bank) on 27 th January 2010, reported that the remittance inflows fell by 16% to$21.1billion in the year 2009. This decline in the remittance rate is attributed to the globalfinancial crises and slowing down of the economy of United States leading to an increasing

unemployment of the Mexicans in the US. Remittance is the 2nd

highest source of foreigncurrency for Mexico after oil, revenue from tourism is in the third place. Mexico receives thelargest amount of remittance in Latin America and is the third highest receiver of remittanceafter India and China (Villarreal, 2010).Majority of the Mexican works in the US work in the construction and service sectorindustries, both these sectors were badly affected due to the global recession. There are239,000 Hispanic immigrants in the United States of which 30% are Mexicans. Almost 95% ofthem lost their jobs due to the financial crises.

(MEXICO 2012 ARTICLE IV CONSULTATION)

As compared to other Central American & Caribbean countries, Mexico has suffered themost in terms of fall in remittance. The remittance in El Salvador fell by 8.5% to $3.6 billion.But after the crises the remittance grew by nearly 10% for Mexico in the 10% (Villarreal,2010).Most of the remittance inflow goes to the poorer strata of the society where there is aconsiderable lack of opportunities to grow economically. In this section of society in Mexico,most of this money is spent by the people for their basic needs such as food, clothing,shelter, medicines, other daily utilities and so on. Any fluctuation in the inflow of remittanceheavily affects their purchasing power and day to day activities, a decline in remittanceduring the global economic crises led to an increase in the poverty. According to a study,during the economic crises the poverty rate increased by nearly four percentage points. 20%


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of the Mexican households suffered a loss of nearly 8% in their per capita income. Theextreme poverty rate went up to 18% during the financial crises (Villarreal, 2010).

OVERCOMMING THE GLOBAL FINANCIAL CRISES OF 2008

Mexico overcame the global financial crises through a series of monetary and fiscalmeasures, these measures helped Mexico in mitigating the effect of the slowdown, revivingits economy by re-establishing the functioning of its markets and restoring investorconfidence. It took a series of steps in Foreign Exchange Market as there was a significantdrop in the liquidity in the foreign exchange market of the Mexico during the fourth quarterof 2008. Mexico’s foreign exchange commission compromising of officials from Ministry ofFinance and Banco de Mexico (Mexico’ s Central Bank), decided that the central bank shouldintervene to stabilize this market.Banco de Mexico in last quarter October 2008 started to allocate US Dollar in the economythrough two types of auctions, they are as follows:

1. Extraordinary Auction

2.

Daily Auction (Three times a day)Under ‘Extraordinary Auction’, Banco de Mexico directly sold the US Dollar in the FX market.The reason for doing this was to induce liquidity in the market to meet the demands of USDollar that had emerged during the last quarter of 2008. By the end of the quarter Banco deMexico had introduced a total of USD 11 billion in the market.In ‘Daily Auction’ , carried out three times a day, Banco de Mexico induced a cumulative totalof USD 400 million, with a minimum price of 2% above its previous day, (Sidaoui, Ramos-Francia, & Caudra) in the market in a single day. By the end of 2008 Banco de Mexico hadallocated a total of $4.18 billion. The total amount sold through both these auctionsamounted to $15.18 billion.Also, Banco de Mexico started to compensate the USD deposits that its domestic financial

institutes could maintain in the central bank. It paid an interest rate of minus one by eight.This was done in order to make the US Dollar more attractive and palliate the incentives toliquidate positions in Mexico & send funds abroad.These measures taken by Banco de Mexico stabilized the FX market temporarily in the lastquarter of 2008. In early 2009, the risk perception of Mexico plummeted further, againleading to a chaos and disruption in the FX market. The Foreign Exchange Commission ofMexico decided to bring back the ‘Extraordinary Auction’ , this auction were carried till theend of February 2009 and a cumulative amount of $1.86 billion was sold. The total amountthat was allocated by Banco de Mexico till the end of February 2009 was $28.01 billiondollars.Oil prices a declined substantially by the end of first quarter of 2009, the anticipation thatthe price of oil wouldn’t rise in the near fut

ure and the fact that domestic production of oilhad dropped considerably in Mexico led to a significant drop in the government revenues.This raised several concerns about the sustainability of the fiscal accounts of Mexico and itsfinance the increasing current account deficit. To address these concerns, the ForeignExchange Commission of Mexico released a detailed analysis of the balance of paymentoutlook 2009 (Sidaoui, Ramos-Francia, & Caudra).The detailed analysis of the balance of payment outlook 2009 contained two importantelements affecting the capital account, they are as follows:

1. Oil Hedging Program for 20092. Increase Mexico’s borrowing from International Financial Institutions (Sidaoui,

Ramos-Francia, & Caudra)


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(Sidaoui, Ramos-Francia, & Caudra)

Under the ‘Oil Hedging Program for 2009’, Mexico put options on the price of the Mexicancrude export mix (Sidaoui, Ramos-Francia, & Caudra), thus fixing the price at USD 70 perbarrel. This enabled the Mexican government to ensure close to USD 10 billion dollars ofadded revenues.By deciding to increase Mexico’s borrowing from International Financial Institutions likeWorld Bank and Inter – American Development Bank, it was expected that the public sectorwould borrow close to $13.8 billion in the year 2009. These two enabled Mexico to financeits expected current account deficit in the year 2009. Moreover, since the foreign currency

revenues was expected increase further as compared to 2008, the liquidity woes weremitigated to a certain extent.Two significant measures were taken by the Mexican government to ensure that there willbe no major problem in financing the external accounts in case there is another economiccrises. They are as follows:

1. Banco de Mexico, on 3 rd April 2009, announced its decision to draw on the foreigncurrency swap line with the Federal Reserve (Sidaoui, Ramos-Francia, & Caudra). Anauction was carried out by Banco de Mexico for the commercial & developmentbanks, by using the dollar drawn from the swap lines. These banks would in turnprovide dollar funding to institutions and corporations that require them to meettheir obligations in foreign currency. Overall, $3.3 billion was allocated by Banco de

Mexico and a cumulative sum of $4 billion was auctioned.2. International Monetary Fund, on 17 th April 2009, approved Mexico’s Flexible Credit

Line Facility for a year with a possibility of renewing (Sidaoui, Ramos-Francia, &Caudra). This facility amounted to $31.5 billion dollars Special Drawing Rights. Andtill date, the FCL has not been used by the Mexican authorities. FCL was renewedfor Mexico on 25 th march 2010 (Sidaoui, Ramos-Francia, & Caudra).

FISCAL POLICY :

The Mexican government prior to the financial crises was following a balance budget rule which wasin line with the Federal Budget and Fiscal responsibility law. Thus in th e event of crises Mexico’s

budget was balanced. Still there were a number of vulnerabilities namely,1. High dependence on the oil income in terms of government revenue (30% - 40%)


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2. Reduction tax revenues because of the deterioration of the economy3. Rigid structure of the public expenditure system

During the global financial crises the Mexican government tried to mitigate its effect on the poorersection of the society by increasing the expenditure on infrastructure, freezing the household energyprices, decreasing the electricity tariff and implementing various programs for employment. In orderto support these programs the budget for the year 2009 was modified facilitating the shift frombalanced budget to moderate budget.

The financial crises of 2009 turned out to be sever than anticipated, the oil prices plummeted deeperthan expected hurting the Mexican economy severely. The decline in revenues and the rigidity of thepublic expenditures deteriorated the fiscal position of the economy. Thus government had to adoptvarious measures to reduce this fiscal gap, it banked on the non-recurrent revenue such as savingspreviously made from oil revenues. The Mexican Congress introduced various fiscal tighteningmeasures such as higher taxation, decreasing public expenditure, increasing VAT rates, increasingexcise taxes and so on. This fiscal consolidation package, amounting to 2% of the GDP, wasimplemented under adverse conditions but yielded results in terms of improving the fiscal positionof the country along with orderly adjustment of the exchange rates

MONETARY POILCY :

The main challenge facing the Mexican government was preventing a situation like systemic riskalong with avoiding the risk of deteriorating price stability due to plummeting inflation expectations.The increase in prices of various international commodities during the first half of 2008, putsignificant pressure on inflation in Mexico. Banco de Mexico decided to tighten the monetaryconditions as Mexico was yet to be affected by recession during the first half of 2008. It took partlypreventive measures to curb inflation in August 2008, like increasing the interest rates from 7.5% to8.25%.

(Sidaoui, Ramos-Francia, & Caudra)

But due to the increase in commodity prices caused a lag in domestic prices leading to a rise inconsumer inflation till the last quarter of 2008. Also, the domestic currency depreciated in value dueto the financial crises. These events caused the economic activity to deteriorate, Banco de Mexico inresponse decided to let its policy rates remain unchanged. Unchanged policy rates widened the gap

of interest rates between the developed economies and Mexico thus a tighter monetary stance hadto be implementing by Mexico.


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Inflation reached its peak in early 2009 and thereafter the inflation rate started to fall. The growthprospects of the Mexican economy had fallen, but the wider output gap along with lower food &energy prices mitigated the inflationary pressure. The risk got shifted to economic activities once theinflation rate was under control. There was a quarter on quarter poor performance by the Mexicaneconomy, the poor performance in the first quarter of the year 2009 exacerbated the second

quarter ’s performance. As a result the growth prospects were affected, they got revised in thedownward direction. In response to the worsening atmosphere, Banco de Mexico started reducingthe policy rates, it was reduced from 8.25% in January 2009 to 4.5% in July 2009 (Sidaoui, Ramos-Francia, & Caudra). Further rate cuts were avoided by Banco de Mexico to avoid negative effects onthe inflation.

ANALYSINS OF THE CURRENT SCENARIO AND RECOMMENDATIONS BASED ON THE CURRENT

SCENARIO & FUTURE PROSPECTS:

Mexican economy is currently on a cyclic rebound, it grew by an annualized 4.2% q/q in the 2nd

quarter of the year 2014 (Breard, November 2014). Strengthening of domestic demand, decliningfiscal drag and increasing investment makes the growth prospects of Mexican economy verypromising. According to Banco de Mexico, the central bank of Mexico, Mexican economy isestimated to grow anywhere in the range of 3.2% to 4.2% in the year 2015 (Breard, November2014). The investments made in the energy, telecommunication & utility sector will have a strongimpact on the economy in the first half of the year 2015. The US economy is expected to grow by3.2% in the year 2015 (Breard, November 2014), this will be a major driver of the economy in termsof export revenue, especially in the automotive sector.

2014 had a fiscal policy which was expansionary in nature, fiscal stance of the Mexico is expected toreturn to a neutral position in the next year. It will considerably tighten up in the year 2016 as

envisioned in the government’s new fiscal model. Fiscal outlook will face some challenges in the year2015. The coalesced public sector deficit is expected to be 3% of the GDP as the government isplanning to increase its social spending and infrastructure capital spending concentrating mainly onthe transport and energy sector. Auto industry is currently experiencing a heavy production andexport boom in spite of the widened trade deficit this year, this boom is expected to continuefurther next year.

In terms of purchasing power parity, Mexico is currently the 11 th largest economy, it is the 3 rd largesteconomy in America after the United States and Brazil and it now enjoys benefits of a well-developed local currency government bond market (Breard, November 2014). For US based portfolioinvestors, currently Mexico-US bond spread of 350 basis points offers very appealing high yieldinvestment alternative (Breard, November 2014). In spite of volatility in its financial markets overthe past three months, the cost of insuring the sovereign debt assets remain at a 12 month low at anaverage of 85 BPS for the CDS market. Mexico ’s sovereign rating is expected to receive an upgrade inthe year 2015 and currently its economy enjoys a stable outlook. Mexico ’s current structural reformsalong with a strong foreign capital inflow is pumping its growth and credit worthiness. At presentMexico ’s credit ratings are Moody ’s: A3, Standard and Poor ’s: BBB+ and Fitch: BBB+.

Since early October this year, Mexican Peso has been weakening against the US Dollar. Externalfactors beyond the local control are responsible for the volatile bearish phase of the developingeconomics. Mexica peso is highly sensitive to the US economic, its financial and monetary markets,its current rate is 14.39 but is likely to trade in the range of 13.5 to 14 in the near future (Breard,November 2014). The current unexpected currency weakness caused by unordered repatriation of

foreign portfolio flows (Breard, November 2014).


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Considering the above facts and projections, recommendations to my client who is planning toinvest in Mexico by setting up a series of manufacturing plants (automotive parts), will be to carryforward his investment in the form of Joint Venture or Licensing, FDI. The growth potential of theautomotive sector and the form of investment will spearhead the growth of the business. Accordingto OECD, Mexico shows positive indication towards growth as compared to other OECD nations,

moreover the inflation rate is expected to lower down to 2.6%, and thus the opportunities forgrowth and expansion of business are tremendous. The unemployment rates are under control,considering the labour market of Mexico along with the fact that the government is increasing itssocial spending with an emphasis on establishing various educational and technical institutes, theavailability of capable and efficient labour for running the business would not be a problem. Thus,considering all the positive macroeconomic factors, it would be a right decision of a company toenter the country and set up business and the fact that Mexico is one of the fastest growingeconomies among the emerging nations also makes it a rousing prospect to start business in.

(Ease of Doing Business in Mexico, n.d.)


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References(2013). International Bank For Reconstruction And Devlopment, International Finance Corporation,

And Multilateral Investment Gurantee Agency Country Partnership Strategy For United

Mexican States For The Period FY2014 -2019 , 9.

Breard, P. F. (November 2014). Global Economics - Latin America Regional Outlook. Scotiabank.

Freije, S., Lopez-Acevedo, G., & Rodriguez-Oreggia, E. (October 2011). Effects Of 2008-2009 Crises OnLabor Markets In Mexico. The World Bank.

Historical Data Graphs per Year . (n.d.). Retrieved from http://www.indexmundi.com:http://www.indexmundi.com/g/g.aspx?c=mx&v=85

Ibid. (n.d.).

Investment In Mexico. (2014).

(n.d.). MEXICO 2012 ARTICLE IV CONSULTATION. International Monetary Fund.

Mexico Exports . (n.d.). Retrieved from http://www.tradingeconomics.com:http://www.tradingeconomics.com/mexico/exports

OECD Econimic Surveys: Mexico, July 2009. (n.d.). Devlopment, Organiazation of Economic Co-operation And Development .

Quatrerly Review and Outlook: Latin american and Caribbean. (2009). Global Insights .

Sidaoui, J., Ramos-Francia, M., & Caudra, G. (n.d.). Global financial Crises And Policy Response InMexico.

The Mint countries: Next economic giants? (2014, January 6). Retrieved from http://www.bbc.com:http://www.bbc.com/news/magazine-25548060

Trade in Goods with Mexico . (n.d.). Retrieved from https://www.census.gov:https://www.census.gov/foreign-trade/balance/c2010.html

Villareal, M. A. (n.d.). The Mexican Economy After Global Financial Crises.

Villarreal, M. A. (2010). The Mexican Economy After the Global Financial Crises. CongressionalResearch Service.

Which Are the Best Countries to Invest In? (2014, May 30). Retrieved from http://www.iese.edu:http://www.iese.edu/en/about-iese/news-media/news/2014/may/which-are-the-best-countries-to-invest-in/

Why invest in Mexico . (n.d.). Retrieved from http://www.latia.org:http://www.latia.org/index.php/why-invest-in-mexico

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