A steel factory in Mexico

A steel factory in Mexico. (AP)

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LatAm in Focus: Top Mexican CEOs on the Depth of U.S.-Mexico Integration

By Luisa Leme and Gladys Gerbaud

Private and public sector leaders share how Mexican investments are driving jobs and growth across industries—from steel to baked goods.

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In 2024, more than $800 billion dollars worth of goods were traded between Mexico and the United States, making the two countries each other’s largest trade partners. But beyond the goods traded across the border, there is a significant level of integration between the two North American economies.

Mexico was one of the few countries excluded from the reciprocal tariffs U.S. President Donald Trump announced on April 2. And though the country has faced other tariffs and tariff threats, the two economies remain synthesized. Part of that is the two-way investment that flows between the neighbors.

For the last four years, Mexican investment in the United States has been north of $5 billion per year. “In recent years, Mexico has been investing more in the U.S. in proportion to the size of our economy than the U.S. has been investing in Mexico,” said trade expert Luis de la Calle, CEO and founding partner of De la Calle, Madrazo, Mancera.

What does Mexican investment look like in the United States? In an event organized by the Council of the Americas on April 3, Mexican CEOs Daniel Servitje of Grupo Bimbo, Arturo Gutiérrez Hernández of Arca Continental, Fernando Villanueva of DEACERO USA, and Juan Pablo del Valle of Orbia spoke about their current and potential investments across the United States: the facilities they have opened, the people they have employed, and the products that cross the border during different stages of their production.

“ We have assets that if we isolate them, their value is close to zero. If we combine them, you multiply the value by a big multiple,” says del Valle. From the mineral fluorspar extracted in San Potosí and then sent to Louisiana for manufacturing, to steel scrap sourced in the United States and recycled in Mexico, to used Coca-Cola bottles collected in the United States, recycled in Toluca, and then shipped back to create 100% recycled bottles, the CEOs discussed how the co-production between the two countries is deeply intertwined.

The CEOs were joined in the event by Mexican Secretary of Economy Marcelo Ebrard. This podcast episode is an edited version of the panel.

This podcast was produced by Associate Producers Gladys Gerbaud and Fabrizio Ricalde. Luisa Leme is our host and executive producer.

The music in this podcast is Milonga Gris by Magos Herrera, performing for Americas Society. Find out about upcoming concerts at: musicoftheamericas.org and share your love for Latin America by joining Americas Society. Becoming a member gives you preferential access to music performances, art gallery, book events, our magazine Americas Quarterly, and more.

You can watch the entire COA event and learn more about the Council of the Americas’ activities focused on Mexico at as-coa.org/mexico

Subscribe and access other episodes of Latin America in Focus. Send us feedback at: latamfocus@as-coa.org

Opinions expressed in this podcast do not necessarily reflect those of Americas Society/Council of the Americas or its members.

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Subscribe to Latin America in Focus, AS/COA's podcast focusing on the latest trends in politics, economics, and culture throughout the Americas.

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