Guanajuato stands out in nearshoring

GUANAJUATO - In the context of the nearshoring phenomenon in Mexico, Guanajuato stands out as an entity with a growing diversification in its international sales market.

According to the study "Diversification of exports in nearshoring" published by BBVA Research, the state is positioned as one of the leading regions in this process of commercial reconfiguration.

The analysis reveals that during the period associated with nearshoring (2018-2023), Guanajuato is among the nine entities that have diversified their portfolio of export goods.

Data from the study indicates that Guanajuato along with eight other states will accumulate 53.4% of Mexican exports in 2023. This increase in concentration by destination of its international sales went from 0.67 to 0.75 between 2018 and 2023, with a higher increase of 5.3% in 2021.

In terms of export destinations, Guanajuato increased the number of countries to which its international sales are destined by 7.9%. It went from 114 to 123 countries. Despite this growth, the United States continues to be the main market, representing 86.8% of the total, followed by Canada, although with a smaller share.

In terms of exported products, Guanajuato diversified its offer from exporting 354 products in 2018 to 380 in 2023. However, vehicle parts and accessories remain in first place. There were also other items such as footwear, wire and cables, as well as tires that have gained ground.

In terms of opportunities in the value chain, the contribution of various sectors such as wholesale trade, petroleum derivatives manufacturing, chemicals and plastics, and basic metal manufacturing and metal products stand out.

At the national level, the geographic proximity to the United States generated an important concentration of Mexican exports, which represents 83.3% of non-oil exports at the end of 2023.

BBVA Research concludes that Mexico must find a balance between specialization and diversification of its exports and imports. In addition, it must invest in transportation, energy and logistics infrastructure to be more competitive and take advantage of the opportunities offered by nearshoring.