Mexico has been going through a boom in its aircraft industry and evidence show it will continue to grow steadily
Mexico is showing great promise in the aerospace industry
The worldwide aircraft industry is looking at a new contender for a spot in the top 10. As of today, Mexico is the 12th largest aircraft parts exporter in the world. According to Mexican Aerospace Industry Federation (FEMIA), Mexico exported around 9.5 billion dollars in 2019.
The Mexican aircraft industry has been growing at a steady paste of around 14% yearly for the past 15 years. Moreover, FEMIA estimates that Mexico will become one of the top 10 aircraft exporters in the world within the next 5 years. The fact that Mexico is located south of the USA, has great production quality, and production costs are low, gives the country a great advantage.
Furthermore, states, such as Nuevo Leon and Queretaro, are incentivizing the investment in this industry with several programs. The former is creating an aerospace public policy aimed to streamline the process in which aircraft part manufacturers settle in.
As Aeroclúster de Monterrey director, Claire Barnouin, said, “In order to be attractive for the industry, we need to have a public policy framework that incentivizes investment.”
Meanwhile, Queretaro is betting on education, as this state has one of the few Universities specialized in the aircraft industry in Mexico. According to the head of Aeroclúster de Queretaro, Antonio Velázquez, this specialized education has played a major role in companies, such as Bombardier, settling in the state.
FEMIA president, Felipe Sandoval, stated that, “the aircraft industry has the advantage of being a sort of closed economy, not affected by the ups and downs of the global economy. The macroeconomic conditions are irrelevant, this industry keeps on growing.”
Settling your aircraft parts company somewhere prosperous is essential for its growth. Therefore, here at VYNMSA we would like to assist you with setting shop in Mexico.