Mexican Firms Invest US$12 Billion Abroad in 2024, Up Sharply

Mexican companies invested US$12.7 billion in foreign acquisitions and factory construction across Latin America, Spain, France, Germany and the United States in 2024, according to new data from ICEX Spain Export and Investment.

The figure represents a sharp rebound from US$755 million in 2023, though it remains below the US$17.3 billion recorded in 2022. Most of the outbound investment occurred over the final three quarters of 2024, peaking at US$5.25 billion in the third quarter—a volume unmatched by other Latin American economies, ICEX noted.

The rise in outbound flows was primarily driven by profit reinvestment, which totaled US$6.25 billion, along with US$1.34 billion in new capital contributions. Intercompany loans also recovered to US$1.34 billion, signaling a normalization of intra-group financial flows after years of volatility.

Mexico also recorded a net inflow of US$5.13 billion in foreign direct investment in 2024, reversing the US$5.7 billion net outflow reported the previous year.

According to ICEX, Mexico remains the leading Latin American investor in Spain, with Mexican firms and holding structures showing a strong preference for Spanish assets. The report noted that both large Mexican corporations and emerging service providers—particularly in the technology sector—continue to expand into markets across Europe, Asia, and North America.

Overall, Latin America’s outbound foreign direct investment reached US$53 billion in 2024, up 50% from the previous year and marking the fourth-highest annual total on record. Regional growth was largely driven by reinvested earnings, which accounted for 56% of the total, followed by capital contributions (21%) and intra-group loans (23%).

Four countries accounted for more than 85% of Latin America’s total outbound investment in 2024: Brazil (US$24.3 billion), Mexico (US$12.7 billion), Colombia (US$4.6 billion), and Chile (US$3.6 billion). While Brazil’s figures remained stable and Chile’s declined, investment levels rose in both Mexico and Colombia.