As a tech manufacturing hub with a commitment to free trade, Mexico has plenty to recommend it.
Of all the emerging global economies, Mexico’s is arguably the most receptive to international trade. Mexico has more free trade agreements (FTAs) than any other country in the world; a total of twelve FTAs with forty six countries, covering the European Union, European Free Trade Area, Japan, Israel, and ten countries in Latin America.
As with many new markets, linguistic traps await the careless advertiser. When American Airlines promoted its new leather first class seats in Mexico by urging consumers to “Fly in Leather”, the literal Spanish translation “Vuela en Cuero” made them a laughing stock. While en cuero can be translated as “in leather”, Vuela en Cuero means “Fly Naked”.
Mexico offers a stable economy and a secure legal framework. British exporters are offered all the regulatory protection they could reasonably ask for. And according to KPMG the cost of manufacturing industrial components is lower in Mexico than in any of the other key emerging global markets. As a guideline, trading in Mexico is, on average, 18% cheaper than trading in the United States.
With a population of 126 million covering a geographical area of almost 2 million square kilometres, there’s no such thing as a homogenous Spanish translation for Mexico. The dialects used in the Yucatan Peninsula and the northern, western or coastal areas can vary significantly, and the country’s vast border with the United States has led to many “English-isms” permeating northern Mexican language. Words such as “birra” for “beer”, “rentar” for “rent” or “carro” for “car” are commonly used in border areas.
Mexico has been positive and far-sighted in its industrial development. The country has the world’s third largest computer manufacturing industry and ranks eighth in electronics manufacturing. In addition, the automotive industry is thriving in production, research and development. Industry giants such as Ford, Chrysler, Volkswagen and Nissan have been prominent in Mexico for decades and many European and Asian component suppliers also have local sites: the city of Puebla is home to 70 industrial part-makers clustered around the Volkswagen plant.
This decade has seen Mexico take the plunge into online activity in a very big way. Online spending is set to top $18 billion in 2020, and it’s no surprise that next month’s eCommerce summit and expo in Mexico City is a who’s who of industry leaders. The event runs from October 2nd to October 3rd and is expected to attract 50,000 visitors.
You don’t have to fly naked when reaching out to Mexico and you don’t have to fly solo either. The right language service partner will help you get where you want to go.