U n i t e d N at i o n s C o n f e r e n c e o n T r a d e A n d D e v e l o p m e n t
INVESTMENT
COUNTRY PROFILES
MEXICO
February 2013
Mexico
_____________________________________________________________________________________________________i
NOTE
The Division on Investment and Enterprise of UNCTAD is a global centre of excellence,
dealing with issues related to investment and enterprise development in the United Nations System. It
builds on three and a half decades of experience and international expertise in research and policy
analysis, intergovernmental consensus building, and provides technical assistance to developing
countries.
The terms country/economy as used in this investment country profile also refer, as appropriate,
to territories or areas; the designations employed and the presentation of the material do not imply the
expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning
the legal status of any country, territory, city or area or of its authorities, or concerning the
delimitation of its frontiers or boundaries. In addition, the designations of country groups are intended
solely for statistical or analytical convenience and do not necessarily express a judgment about the
stage of development reached by a particular country or area in the development process. The major
country groupings used in this investment country profile follow the classification of the United
Nations Statistical Office. These are:
Developed countries: the member countries of the OECD (other than Chile, Mexico, the
Republic of Korea and Turkey), plus the new European Union member countries which are not
OECD members (Bulgaria, Cyprus, Latvia, Lithuania, Malta, and Romania), plus Andorra,
Liechtenstein, Monaco and San Marino.
Transition economies: South-East Europe and the Commonwealth of Independent States.
Developing economies: in general all economies not specified above. For statistical purposes,
the data for China do not include those for Hong Kong Special Administrative Region (Hong Kong
SAR), Macao Special Administrative Region (Macao SAR) and Taiwan Province of China.
Reference to companies and their activities should not be construed as an endorsement by
UNCTAD of those companies or their activities.
The boundaries and names shown and designations used on the maps presented in this
publication do not imply official endorsement or acceptance by the United Nations.
The following symbols have been used in the tables:
•
•
•
•
•
•
•
Two dots (..) indicate that data are not available or are not separately reported. Rows in tables
have been omitted in those cases where no data are available for any of the elements in the row;
A dash (–) indicates that the item is equal to zero or its value is negligible;
A blank in a table indicates that the item is not applicable, unless otherwise indicated;
A slash (/) between dates representing years, e.g., 1994/95, indicates a financial year;
Use of an en dash (–) between dates representing years, e.g., 1994–1995, signifies the full
period involved, including the beginning and end years;
Reference to “dollars” ($) means United States dollars, unless otherwise indicated;
Annual rates of growth or change, unless otherwise stated, refer to annual compound rates;
Details and percentages in tables do not necessarily add up to totals because of rounding.
Only the tables shaded in the Table of Contents are available in this investment country profile.
The material contained in this study may be freely quoted with appropriate acknowledgement.
Unedited Version
UNCTAD/WEB/DIAE/IA/2012/13
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Mexico
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Table of Contents
Page
Highlights...........................................................................................................................
A. Definitions and sources of data.................................................................................
B. Statistics on FDI and the operations of TNCs (shaded rows show available tables)
1
3
Table 1. Summary of FDI..................................................................................................................................
3
1
Table 2. Summary of international production...................................................................................................
Table 3. FDI flows, by type of investment..........................................................................................................
4
Table 4. FDI stocks, by type of investment........................................................................................................
5
Table 5. FDI flows in the host economy, by industry.........................................................................................
6
Table 6. FDI flows in the host economy, by geographical origin.......................................................................
7
Table 8. FDI flows abroad, by industry..............................................................................................................
Table 9. FDI flows abroad, by geographical destination....................................................................................
Table 11. FDI stocks in the host economy, by industry.....................................................................................
Table 12. FDI stocks in the host economy, by geographical origin...................................................................
Table 14. FDI stocks abroad, by industry..........................................................................................................
Table 15. FDI stocks abroad, by geographical destination................................................................................
Table 19. The number of home-based TNCs, by industry in the home economy.............................................
Table 20. The number of foreign affiliates of home-based TNCs, by industry abroad......................................
Table 21. The number of foreign affiliates of home-based TNCs, by geographical destination........................
Table 22. The number of affiliates of foreign TNCs in the host economy, by industry......................................
Table 23. The number of affiliates of foreign TNCs in the host economy, by geographical origin....................
Table 26. Assets of home-based TNCs, by industry in the home economy......................................................
Table 27. Assets of foreign affiliates of home-based TNCs, by industry abroad..............................................
Table 21. Assets of foreign affiliates of home-based TNCs, by geographical destination................................
Table 29. Assets of affiliates of foreign TNCs in the host economy, by industry...............................................
Table 30. Assets of affiliates of foreign TNCs in the host economy, by geographical origin.............................
Table 19. Employment of home-based TNCs, by industry in the home economy............................................
Table 32. Employment of foreign affiliates of home-based TNCs, by industry abroad.....................................
Table 33. Employment of foreign affiliates of home-based TNCs, by geographical destination.......................
Table 34. Employment of affiliates of foreign TNCs in the host economy, by industry.....................................
Table 35. Employment of affiliates of foreign TNCs in the host economy, by geographical origin....................
Table 36. Wages and salaries of home-based TNCs, by industry in the home economy.................................
Table 37. Wages and salaries of foreign affiliates of home-based TNCs, by industry abroad.........................
Table 38. Wages and salaries of foreign affiliates of home-based TNCs, by geographical destination...........
Table 39. Wages and salaries of affiliates of foreign TNCs in the host economy, by industry..........................
Table 40. Wages and salaries of affiliates of foreign TNCs in the host economy, by geographical origin........
Table 41. Sales of home-based TNCs, by industry in the home economy.......................................................
Table 42. Sales of foreign affiliates of home-based TNCs, by industry abroad................................................
Table 43. Sales of foreign affiliates of home-based TNCs, by geographical destination..................................
Table 44. Sales of affiliates of foreign TNCs in the host economy, by industry................................................
Table 45. Sales of affiliates of foreign TNCs in the host economy, by geographical origin...............................
Table 46. Value added of home-based TNCs, by industry in the home economy............................................
Table 47. Value added of foreign affiliates of home-based TNCs, by industry abroad.....................................
Table 48. Value added of foreign affiliates of home-based TNCs, by geographical destination.......................
Table 49. Value added of affiliates of foreign TNCs in the host economy, by industry.....................................
Table 50. Value added of affiliates of foreign TNCs in the host economy, by geographical origin...................
Table 51. Profits after taxes of home-based TNCs, by industry in the home economy....................................
Table 52. Profits after taxes of foreign affiliates of home-based TNCs, by industry abroad.............................
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8
Mexico
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iii
Table of Contents
Page
Table 53. Profits after taxes of foreign affiliates of home-based TNCs, by geographical destination...............
Table 54. Profits after taxes of affiliates of foreign TNCs in the host economy, by industry.............................
Table 55. Profits after taxes of affiliates of foreign TNCs in the host economy, by geographical origin...........
Table 56. Exports of home-based TNCs, by industry in the home economy....................................................
Table 57. Exports of foreign affiliates of home-based TNCs, by industry abroad.............................................
Table 58. Exports of foreign affiliates of home-based TNCs, by geographical destination...............................
Table 59. Exports of affiliates of foreign TNCs in the host economy, by industry.............................................
Table 60. Exports of affiliates of foreign TNCs in the host economy, by geographical origin...........................
Table 61. Imports of home-based TNCs, by industry in the home economy....................................................
Table 62. Imports of foreign affiliates of home-based TNCs, by industry abroad.............................................
Table 63. Imports of foreign affiliates of home-based TNCs, by geographical destination...............................
Table 64. Imports of affiliates of foreign TNCs in the host economy, by industry.............................................
Table 65. Imports of affiliates of foreign TNCs in the host economy, by geographical origin...........................
Table 66. R&D of home-based TNCs, by industry in the home economy.........................................................
Table 67. R&D of foreign affiliates of home-based TNCs, by industry abroad..................................................
Table 68. R&D of foreign affiliates of home-based TNCs, by geographical destination...................................
Table 69. R&D of affiliates of foreign TNCs in the host economy, by industry..................................................
Table 70. R&D of affiliates of foreign TNCs in the host economy, by geographical origin................................
Table 71. Employment in R&D of home-based TNCs, by industry in the home economy................................
Table 72. Employment in R&D of foreign affiliates of home-based TNCs, by industry abroad.........................
Table 73. Employment in R&D of foreign affiliates of home-based TNCs, by geographical destination...........
Table 74. Employment in R&D of affiliates of foreign TNCs in the host economy, by industry.........................
Table 75. Employment in R&D of affiliates of foreign TNCs in the host economy, by geographical origin.......
Table 76. Royalty receipts of home-based TNCs, by industry in the home economy.......................................
Table 77. Royalty receipts of foreign affiliates of home-based TNCs, by industry abroad................................
Table 78. Royalty receipts of foreign affiliates of home-based TNCs, by geographical destination..................
Table 79. Royalty receipts of affiliates of foreign TNCs in the host economy, by industry................................
Table 80. Royalty receipts of affiliates of foreign TNCs in the host economy, by geographical origin..............
Table 81. Royalty payments of home-based TNCs, by industry in the home economy....................................
Table 82. Royalty payments of foreign affiliates of home-based TNCs, by industry abroad.............................
Table 83. Royalty payments of foreign affiliates of home-based TNCs, by geographical destination...............
Table 84. Royalty payments of affiliates of foreign TNCs in the host economy, by industry.............................
Table 85. Royalty payments of affiliates of foreign TNCs in the host economy, by geographical origin...........
Table 86. Largest home-based TNCs................................................................................................................
9
Table 87. Largest foreign affiliates of homebased TNCs...................................................................................
10
Table 88. Largest affiliates of foreign TNCs in the host economy......................................................................
11
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Mexico
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Highlights
At the end of 2011, Mexico's inward FDI stock amounted to $303 billion, equivalent to 26 per cent of
Mexican GDP.
FDI into Mexico has increased dramatically since the signing of the North American Free Trade
Agreement (NAFTA) in 1994. Inflows ballooned to a yearly average of $15 billion between 1994 and
2001 − more than four times their level during the period 1985−1993 − and reached $30 billion in
2001. After this period of strong growth, inflows have been oscillating around the annual average of
$24 billion during the period 2002−2008, before declining as a consequence of the global economic
crisis.
Half of inward FDI stock into Mexico at the end of 2011 came from the United States. The European
Union followed with 37 per cent, with Spain and the Netherland representing 15 and 14 per cent
respectively. While transition economies are absent, developing economies are marginal investors
accounting for barely 5 per cent of total FDI stock, 78 per cent of which came from Latin American
and the Caribbean.
The services sector has been the main target of FDI inflows during the 2000s, attracting an annual
average of $13 billion in 2001−2011, 42 per cent of which targeted the financial industry. The
manufacturing sector, which was the main FDI target in the 1990s, received an annual average of $10
billion in 2001−2010, which went mainly to food and beverages, transport equipment and electrical
and electronic equipment. The primary sector, which had remained a marginal recipient until 2006,
has registered relatively significant levels of FDI inflows since 2007.
Mexico was home to $112 billion worth of FDI stock at the end of 2011, equivalent to 9.7 per cent of
its GDP.
A.
Definitions and sources of data
According to the Foreign Investment Law all
entities with investment from a non-Mexican
(non-immigrant) citizen or a foreign
enterprise must inform their investment to
the Ministry of Economy through the
National Foreign Investment Registry
(NFIR), regardless of the percentage of
ownership of these non-resident investors.
As stated in the law all the flows reported to
the register are considered foreign
investment.
Economy, reviews the information collected
by the NFIR and determines what must be
considered as foreign direct investment
(FDI). These data are complemented with
customs information on imports of fixed
capital equipment by the maquiladora
industry. Parent companies of foreign
subsidiaries in the maquiladora industry can
loan to their affiliates fixed capital
equipment that is not transferred under the
property of the affiliate.
According to articles 32 and 33 of the
Foreign Investment Law reporting to the
NFIR is compulsory. The Ministry of
Economy has a legal attribution to validate
the figures with the firms. The registration
covers new investments, reinvested earnings
and intra-company loans.
The statistics on inward FDI are then
published by the Ministry’s official source
(Secretaría de Economía, Dirección General
de Inversión Extranjera). Banco de México
incorporates these data to the quarterly
Balance of Payments (BOP) statement it
compiles. FDI figures in the BOP are
frequently revised.
A statistics committee, formed with
specialists from Banco de México (the
Mexican central bank) and the Ministry of
Data on inward FDI stock come from an
annual survey conducted by the Ministry of
_____________________________________________________________________________________________________
Mexico
_____________________________________________________________________________________________________2
Economy, in which all companies with
foreign investment report their annual
balance sheet. These data are also reviewed
by the statistics committee formed with
specialists from Banco de México and the
Ministry of Economy before being
published.
Mexico does not collect data on the activities
of foreign affiliates.
Regarding Mexican direct investment
abroad, a quarterly survey and an annual
survey are sent by Banco de México to those
resident firms identified as direct investors
abroad. New firms are contacted and added
to the survey as any information arises on
investments made abroad.
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Mexico
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B. Statistics on FDI and the operations of TNCs
Table 1. Summary of FDI
(Millions of dollars and percentage)
Variable
1. FDI flows, 2008-2011 (annual average)
2. FDI flows as a percentage of GFCF, 2008-2011 (annual average)
3. FDI stocks, 2011
4. FDI stocks as a percentage of GDP, 2011
Inward
Outward
20 881
7 673
9.4
3.5
302 309
112 088
26.3
9.7
Source : Based on tables 3, 4 and UNCTAD,FDI/TNC database.
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Mexico
_____________________________________________________________________________________________________4
Table 3. FDI flows, by type of investment, 1985−2011
(Millions of dollars)
Inward investment
Year
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Equity
1 535
1 870
2 318
2 205
1 659
1 115
3 422
3 012
3 041
5 672
6 838
5 529
9 115
6 604
6 409
8 422
22 936
15 481
9 409
14 865
12 976
6 195
17 312
11 874
7 656
13 783
8 806
Reinvested
earnings
524
595
412
692
1 075
1 070
1 408
1 020
1 399
2 367
1 572
2 590
2 150
2 864
2 348
3 899
3 870
2 484
2 105
2 525
4 032
7 749
8 080
7 518
4 253
2 651
6 770
Other
- 76
- 65
- 96
- 17
441
449
- 69
360
- 51
2 934
1 116
1 066
1 564
3 289
5 172
5 788
3 120
5 917
7 141
7 436
7 400
6 175
6 101
7 748
4 211
4 275
3 978
Outward investment
Total
1 984
2 401
2 635
2 880
3 176
2 633
4 761
4 393
4 389
10 973
9 526
9 185
12 830
12 757
13 929
18 110
29 926
23 883
18 655
24 827
24 407
20 119
31 492
27 140
16 119
20 709
19 554
Equity
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
4 152
585
317
1 901
3 726
5 452
4 239
1 253
6 093
11 845
2 034
Reinvested
earnings
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
261
326
1 523
1 876
975
0
497
385
31
795
1 889
Other
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
-9
- 20
- 586
655
1 772
307
3 520
- 481
895
930
5 023
Total
222
322
- 33
38
117
223
177
647
- 110
1 058
- 263
38
1 108
1 363
1 901
363
4 404
891
1 253
4 432
6 474
5 758
8 256
1 157
7 019
13 570
8 946
Source : UNCTAD FDI/TNC database, based on data from the Secretaría de Economía, Dirección General de Inversión Extranjera.
Note : Totals in this table may differ from those shown in tables 5 and 6 due to differing data publication/last revision schedules.
_____________________________________________________________________________________________________
Mexico
_____________________________________________________________________________________________________5
Table 4. FDI stocks, by type of investment, 1985−2011
(Millions of dollars)
Inward investment
Year
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Equity and
Retained
earnings
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
225 604
291 105
..
Other
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
52 294
39 056
..
Outward investment
Total
8 700
11 101
13 735
16 615
19 791
22 424
30 790
35 680
40 600
33 198
41 130
46 912
55 810
63 610
88 470
101 996
141 872
139 662
148 232
181 575
226 597
256 638
290 155
230 986
277 898
330 161
302 309
Equity and
Retained
earnings
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
82 518
103 943
..
Other
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
-1 302
358
..
Total
2 005.1
2 327
2 293.9
2 332.2
2 449
2 672.4
2 849.3
3 496
3 386
4 444
4 181
4 219
5 327
6 010
7 910
8 273
55 628
48 163
44 619
51 402
64 205
72 001
85 378
66 795
81 216
104 301
112 088
Source : UNCTAD FDI/TNC database, based on data from Banco de Mexico.
Note: Totals in this table may differ from those shown in tables 12 and 15 due to differing sources.
_____________________________________________________________________________________________________
Mexico
_____________________________________________________________________________________________________6
Table 5. FDI flows in the host economy, by industry, 2001−2011
(Millions of dollars)
Sector / industry
Total
Primary
Agriculture, hunting, forestry and fishing
Agriculture and hunting
Forestry and fishing
Mining, quarrying and petroleum
Mining and quarrying
Secondary
Food, beverages and tobacco
Food products and beverages
Tobacco products
Textiles, clothing and leather
Wood and wood products
Paper and paper products
Publishing and printing
Printing and related activities
Coke, petroleum products and nuclear fuel
Chemicals and chemical products
Rubber and plastic products
Non-metallic mineral products
Metal and metal products
Basic metals
Fabricated metal products
Machinery and equipment
Electrical and electronic equipment
Office, accounting and computing machinery
Electrical machinery and apparatus
Radio, television and communication apparatus
Precision instruments
Motor vehicles and other transport equipment
Motor vehicles, trailers and semi-trailers
Other transport equipment
Other manufacturing
Manufacture of furniture
Tertiary
Electricity, gas and water
Construction
Trade
Wholesale trade
Distributive trade
Hotels and restaurants
Transport, storage and communications
Transport and storage
Post and communications
Finance
Financial intermediation
Insurance and pension funding
Business activities
Real estate
Rental activities
Computer and related activities
Research and development
Other business activities
Public administration and defence
Education
Health and social services
Community, social and personal service activities
Recreational, cultural and sporting activities
Other services
Unspecified
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
29 861
108
95
64
12
12
5 944
230
202
29
400
128
129
44
44
2
346
49
109
789
502
286
283
1 135
306
656
172
109
1 704
1 667
37
617
50
23 809
333
338
2 348
1 038
1 310
391
2 977
205
2 772
16 045
15 145
900
1 154
190
22
1
941
5
220
220
-2
-
23 932
364
99
91
2
265
265
8 689
2 324
2 290
34
442
216
240
181
181
19
1 186
131
- 64
545
361
185
348
1 378
222
784
372
88
1 342
1 386
- 43
552
59
14 880
450
521
1 822
1 190
632
457
4 012
630
3 383
6 637
5 427
1 211
850
361
11
9
469
- 21
2
91
91
58
-
18 554
154
15
10
1
139
139
9 646
3 369
3 225
144
282
111
103
77
77
108
502
164
79
876
724
152
510
1 622
205
1 095
322
95
1 392
1 345
47
459
26
8 754
349
143
1 523
629
894
518
2 256
370
1 887
2 831
2 819
12
551
40
59
38
414
2
13
412
412
157
-
24 821
344
41
30
303
303
13 875
3 933
3 933
1
412
481
484
44
44
41
1 592
131
1 380
287
251
36
429
1 319
237
553
528
82
3 190
3 079
112
551
13
10 602
262
458
1 347
749
598
683
1 689
110
1 580
5 566
5 470
96
430
213
55
- 16
177
4
9
141
139
14
-
24 373
228
16
13
-2
212
192
11 054
2 441
2 321
120
418
102
103
59
59
46
532
92
112
2 055
1 856
198
1 003
1 153
595
185
373
119
2 297
2 335
- 38
625
34
13 091
198
295
2 880
1 620
1 260
1 031
3 013
1 421
1 593
2 256
2 251
5
3 335
1 216
53
- 13
2 080
18
3
48
48
15
-
20 006
452
21
22
1
431
426
10 007
1 909
1 882
27
530
53
46
21
21
44
1 871
163
208
565
382
184
759
1 350
417
474
459
130
1 729
1 728
676
17
9 547
- 85
443
684
782
- 99
908
406
- 170
576
3 924
3 835
89
3 109
945
116
6
2 042
1
5
161
155
-8
-
31 313
1 829
144
133
1
1 685
1 680
13 600
1 373
1 475
- 102
274
152
150
39
39
89
2 699
183
18
3 948
3 675
273
792
1 346
254
699
393
135
2 021
2 195
- 174
530
35
15 885
578
2 316
1 533
693
840
1 247
932
300
631
6 517
6 468
48
2 719
1 355
41
- 31
1 354
39
25
- 64
- 65
42
-
26 889
4 798
52
35
4 746
4 742
7 809
1 546
1 509
37
344
137
142
37
37
40
1 127
84
220
674
363
310
415
1 262
- 119
782
599
180
1 334
1 254
80
410
19
14 282
483
1 035
1 878
249
1 629
- 161
1 735
399
1 336
6 235
5 791
444
2 724
1 318
460
2
1
943
169
26
135
131
21
-
15 959
866
36
11
830
830
5 669
1 041
1 007
33
356
88
95
24
14
- 103
- 29
140
60
160
10
150
118
1 543
433
402
708
233
1 364
1 301
63
673
24
9 424
59
702
1 536
745
791
109
186
109
77
2 507
2 629
- 122
4 141
990
16
9
3 125
2
17
91
90
73
-
20 208
1 019
63
23
955
974
11 543
6 885
6 885
322
7
24
19
19
-4
180
211
- 29
225
137
88
360
1 699
673
542
484
197
908
680
228
563
18
7 646
5
152
2 709
904
1 805
315
174
164
10
1 834
1 787
46
2 133
903
369
4
- 54
911
7
5
204
205
109
-
19 440
847
17
10
830
828
8 574
2 949
2 949
67
53
82
25
23
97
1 809
392
50
185
- 46
230
267
1 248
14
674
559
52
1 025
853
172
356
4
10 019
- 219
1 240
1 853
1 078
776
601
389
248
140
3 504
3 416
89
1 701
152
574
176
7
792
4
3
874
880
71
0
Source : UNCTAD FDI/TNC database, based on data from the Secretaría de Economía, Dirección General de Inversión Extranjera.
_____________________________________________________________________________________________________
Mexico
_____________________________________________________________________________________________________7
Table 6. FDI flows in the host economy, by geographical origin, 2000−2011
(Millions of dollars)
Region / economy
Total world
Developed economies
Europe
European Union
Austria
Belgium
Cyprus
Czech Republic
Denmark
Finland
France
Germany
Hungary
Ireland
Italy
Lithuania
Luxembourg
Netherlands
Poland
Portugal
Spain
Sweden
United Kingdom
Other developed Europe
Iceland
Norway
Switzerland
North America
Canada
United States
Other developed countries
Australia
Israel
Japan
New Zealand
Bermuda
Developing economies
Africa
Congo, Democratic Republic of
Ethiopia
Mali
South Africa
Latin America and the Caribbean
South and Central America
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela, Bolivarian
Republic of
Central America
Belize
Costa Rica
El Salvador
Guatemala
Honduras
Panama
Caribbean
Bahamas
Barbados
Cayman Islands
Dominican Republic
Netherlands Antilles
Puerto Rico
Turks and Caicos Islands
Asia
West Asia
South, East and South-East
Asia
China
Hong Kong, China
India
Korea, Republic of
Singapore
Taiwan Province of China
Oceania
Marshall Islands
South-East Europe and CIS
Unspecified
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
18 110
17 567
3 399
3 239
2
40
202
219
-2 453
348
5
36
21
2 697
2 117
- 279
286
160
1
147
13 671
670
13 000
497
7
1
443
46
542
2
2
372
111
102
9
25
5
20
2
2
35
29 861
29 005
6 308
6 474
16
71
1
252
84
446
- 108
2
18
1
129
2 654
2 893
- 124
138
- 166
3
- 176
22 469
1 027
21 442
228
4
1
187
2
33
856
3
4
482
133
49
9
26
5
8
2
-7
23 932
23 393
9 767
9 289
1
109
208
25
167
599
107
38
54
1 737
1
11
5 008
- 38
1 261
478
1
8
462
13 381
238
13 144
245
1
1
179
63
3
539
2
1
430
92
70
10
16
32
18
1
- 16
18 554
18 138
8 784
6 180
-8
226
112
120
561
446
2
-3
10
32
774
1
2
2 849
- 26
1 082
2 604
27
2 576
9 189
304
8 885
164
6
5
139
7
8
417
3
1
1
1
313
71
53
4
19
17
8
1
-1
7
24 821
24 413
14 191
13 022
1
46
116
- 48
304
408
-1
179
35
3 379
1
-1
7 887
409
308
1 168
7
1 157
9 784
649
9 135
438
7
2
392
6
31
408
3
1
1
283
133
135
12
50
8
34
1
12
17
24 373
21 179
8 723
8 389
- 21
40
18
377
335
26
27
169
4 013
2
1
1 679
375
1 349
334
-2
9
324
12 243
479
11 764
212
36
166
6
4
3 195
1
1
3 021
802
735
542
46
124
14
2
10
20 006
19 318
7 145
6 557
42
50
197
19
155
646
- 11
26
178
2 807
1 437
38
972
588
7
582
13 547
617
12 930
-1 375
32
5
-1 422
10
689
477
221
147
21
50
61
16
-3
9
31 313
29 622
15 206
14 575
55
231
4
88
47
229
643
81
48
536
6 575
7
5 398
25
607
631
25
605
13 292
479
12 812
1 124
135
2
395
592
1 691
1 491
346
90
21
25
33
5
2
1
26 889
24 588
10 004
9 794
32
97
5
76
79
198
617
96
109
349
1 826
53
4 883
86
1 288
210
- 15
224
14 401
3 066
11 335
182
9
2
142
16
13
2 300
7
6
1 768
350
207
33
93
31
41
1
6
15 959
15 368
6 301
6 148
- 12
337
2
- 10
50
264
46
113
31
188
2 069
12
20
2 681
12
347
153
65
87
8 859
1 621
7 238
209
16
221
-1
- 28
591
211
267
204
2
128
50
17
3
3
20 208
19 502
12 485
12 291
-1
40
-1
- 13
25
114
307
94
42
358
8 919
1
17
1 461
375
554
194
- 50
243
6 763
1 243
5 520
255
29
6
228
3
- 11
705
3
2
521
477
431
- 14
366
69
12
-1
2
-2
19 440
18 666
6 615
5 374
3
159
0
1
108
6
162
230
0
259
99
0
106
1 306
0
- 54
2 911
36
41
1 241
0
13
1 229
11 368
668
10 699
684
15
6
665
1
-3
774
1
1
580
468
356
-2
299
42
14
0
0
2
3
9
1
7
261
11
2
72
67
29
168
-
5
84
10
1
1
72
349
122
- 14
78
6
37
20
1
371
-
8
23
1
-1
1
7
14
338
3
- 20
39
-5
40
264
108
-
-2
18
5
1
4
8
242
2
-7
175
1
49
12
92
-
1
-1
2
4
-8
150
47
2
52
- 21
13
123
-
-3
67
3
18
5
1
38
2 219
37
-1
-1
102
31
173
-
-7
74
-1
8
1
1
65
255
-2
2
- 65
20
193
2
3
256
5
2
249
1 145
21
- 29
-1
43
8
2
200
-
2
143
4
1
1
138
1 418
2
- 23
- 25
5
2
525
1
63
27
5
30
- 56
1
- 27
- 14
- 40
366
-
46
10
1
11
24
44
10
23
-1
181
-
1
112
0
2
0
2
3
106
112
0
-3
1
-0
5
192
0
168
11
4
28
30
81
12
-
371
2
-1
4
51
273
41
-
108
-2
32
59
17
-
92
26
2
57
-6
13
9
9
-
122
12
2
1
67
30
10
-
173
14
2
2
97
13
44
-
191
24
1
72
61
22
20
20
-
200
9
1
8
47
124
10
-
524
13
-3
371
109
33
-
366
32
8
6
76
195
48
13
-
181
9
2
6
-4
50
115
-
192
2
0
7
-8
93
26
0
0
-0
Source : UNCTAD FDI/TNC database, based on data from the Secretaria de Economia, Dirección General de Inversión Extranjera.
_____________________________________________________________________________________________________
Mexico
_____________________________________________________________________________________________________8
Table 12. FDI stocks in the host economy, by geographical origin, 2000−2010
(Millions of dollars)
Region / economy
Total world
Developed economies
Europe
European Union
Austria
Belgium
Cyprus
Czech Republic
Denmark
Finland
France
Germany
Hungary
Ireland
Italy
Lithuania
Luxembourg
Netherlands
Poland
Portugal
Spain
Sweden
United Kingdom
Other developed Europe
Iceland
Norway
Switzerland
North America
Canada
United States
Other developed countries
Australia
Israel
Japan
New Zealand
Bermuda
Developing economies
Africa
Congo, Democratic Republic of
Ethiopia
South Africa
Latin America and the Caribbean
South and Central America
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Paraguay
Peru
Uruguay
Venezuela, Bolivarian Republic of
Central America
Belize
Costa Rica
El Salvador
Guatemala
Honduras
Panama
Caribbean
Bahamas
Barbados
Cayman Islands
Dominican Republic
Netherlands Antilles
Puerto Rico
Turks and Caicos Islands
Asia
West Asia
South, East and South-East Asia
China
Hong Kong, China
India
Korea, Republic of
Malaysia
Pakistan
Philippines
Singapore
Taiwan Province of China
Oceania
Marshall Islands
South-East Europe and CIS
Unspecified
2000
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
2001
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
2002
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
2003
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
2004
2005
2006
2007
.. 153 532 173 538 204 852
.. 147 165 166 483 196 104
.. 55 177 62 323 77 529
.. 50 468 57 025 71 600
..
13
55
111
..
504
554
785
..
1
1
1
..
1
5
..
1 110
1 308
1 396
..
446
465
512
..
- 430
- 274
- 45
..
2 802
3 448
4 091
..
2
2
2
..
136
125
206
..
344
369
417
..
1
1
1
..
453
631
1 167
.. 16 340 19 147 25 722
..
4
4
4
..
18
18
25
.. 23 478 24 915 30 313
..
1 007
1 046
1 071
..
4 237
5 209
5 816
..
4 710
5 298
5 929
..
-1
-1
-1
..
56
62
87
..
4 615
5 197
5 802
.. 88 929 102 476 115 768
..
4 057
4 674
5 154
.. 84 872 97 802 110 614
..
3 058
1 684
2 808
..
70
101
236
..
10
15
17
..
2 753
1 332
1 727
..
83
84
84
..
142
152
743
..
6 367
7 056
8 748
..
13
13
13
..
4
4
4
..
3
3
3
..
2
2
2
..
5 168
5 644
7 136
..
1 392
1 613
1 960
..
1 199
1 346
1 436
..
590
611
633
..
188
237
262
..
196
257
290
..
106
122
126
..
11
8
8
..
2
2
2
..
15
16
18
..
57
66
66
..
33
27
30
..
193
268
524
..
5
5
5
..
39
47
52
..
3
3
3
..
22
23
24
..
1
2
4
..
121
186
434
..
3 775
4 031
5 176
..
246
243
264
..
- 36
- 36
- 36
..
504
505
475
..
3
5
3
..
291
226
269
..
384
405
413
..
2
1
4
..
1 178
1 371
1 570
..
1
3
3
..
1 177
1 368
1 567
..
68
92
100
..
11
12
14
..
36
37
45
..
380
452
500
..
1
9
9
..
3
4
4
..
-3
-3
-3
..
515
576
701
..
161
183
193
..
9
28
28
..
9
28
28
..
..
-
2008
2009
2010
231 740
220 693
87 533
81 395
143
882
1
10
1 471
591
154
4 708
2
302
526
1
1 516
27 549
4
78
35 196
1 157
7 105
6 139
-1
72
6 027
130 169
8 220
121 949
2 990
246
19
1 870
100
756
11 048
20
4
3
9
8 904
2 310
1 643
665
355
322
167
8
2
18
73
32
667
5
56
4
24
4
572
6 594
266
- 36
452
4
244
418
6
2 095
4
2 092
114
14
42
870
10
4
-3
809
226
28
28
-
247 699
236 061
93 834
87 543
130
1 218
1
12
1 461
642
417
4 753
2
415
557
1
1 704
29 618
16
98
37 877
1 168
7 452
6 291
-1
137
6 114
139 028
9 841
129 187
3 199
261
20
2 091
99
728
11 638
20
4
3
9
9 115
2 577
1 847
668
483
372
184
8
2
21
76
33
729
5
83
5
29
4
602
6 538
267
- 36
426
3
230
378
6
2 461
4
2 457
146
22
48
946
10
4
-3
1 005
275
42
28
-
267 907
255 563
106 319
99 834
130
1 258
1
11
1 448
667
531
5 060
2
509
598
1
2 061
38 537
17
114
39 337
1 544
8 006
6 485
-1
88
6 358
145 791
11 084
134 707
3 454
291
26
2 319
101
717
12 344
23
4
3
11
9 636
3 054
2 278
653
849
441
196
7
2
23
75
32
776
5
93
6
41
4
626
6 582
267
- 26
448
3
229
378
6
2 643
4
2 639
155
24
54
942
10
5
-3
1 055
390
42
28
-
Source : UNCTAD FDI/TNC database, based on the Secretaría de Economía, Dirección General de Inversión Extranjera.
Note: Accumulated flows from 1999.
_____________________________________________________________________________________________________
Mexico
_____________________________________________________________________________________________________9
Table 86. Largest home-based TNCs, 2010
(Millions of dollars and number)
Company
Industry
Sales
Employees
A. Primary
Grupo Mexico Sab De CV
Mining, quarrying and petroleum
8 331
Industrias Penoles Sab De CV
Mining, quarrying and petroleum
5 209
13 788
8 967
Minera Frisco Sab De CV
Mining, quarrying and petroleum
579
2 894
46 500
B. Secondary (Manufacturing)
Cemex Sab De CV
Non-metallic mineral products
14 453
Fomento Economico Mexicano Sab De CV
Food, beverages and tobacco
13 651
Alfa Sab De CV
Coke, petroleum and nuclear fuel
11 058
Grupo Bimbo Sab De CV
Food, beverages and tobacco
9 499
Coca-Cola Femsa Sab CV
Food, beverages and tobacco
8 388
68 449
Grupo Carso Sab De CV
Food, beverages and tobacco
5 205
70 787
Gruma Sab De CV
Food, beverages and tobacco
3 778
20 000
Mexichem Sab De CV
Chemicals and chemical products
2 957
Industrias CH Sab De CV
Metals and metal products
2 198
Arca Continental Sab CV
Food, beverages and tobacco
2 194
Grupo Simec Sab De CV
Metals and metal products
1 993
4 361
Vitro Sab De CV
Non-metallic mineral products
1 895
17 628
Bio Pappel Sab De CV
Wood and wood products
918
7 938
Grupo Industrial Saltillo Sab CV
Metals and metal products
897
7 290
Grupo Herdez Sab De CV
Food, beverages and tobacco
719
3 374
Sanluis Corporacion SA De CV
Motor vehicles and other transport equipment
618
4 177
Grupo La Moderna Sab De CV
Food, beverages and tobacco
517
4 766
Genomma LAB Internacional Sab CV
Chemicals and chemical products
508
Internacional De Ceramica Sab De CV
Non-metallic mineral products
457
Accel Sab De CV
Food, beverages and tobacco
245
56 332
4 993
C. Tertiary (Services)
America Movil Sab De CV
Transport, storage and communications
49 283
148 058
Wal-Mart De Mexico Sab CV
Retail trade
27 121
219 767
Grupo Televisa SA
Community, social and personal service activities
Empresas ICA Sab De CV
Construction
2 835
Grupo Aeromexico Sab CV
Transport, storage and communications
2 277
Grupo Famsa Sab De CV
Retail trade
1 216
17 595
Carso Infraestructura Construccion Sab C
Construction
960
13 627
Corporacion Interamericana De Entretenim
Community, social and personal service activities
826
10 892
Grupo Posadas Sab De CV
Hotels and restaurants
530
Empresas Cablevision SA CV
Community, social and personal service activities
489
Grupo Aeroportuario Del Centro Norte
Transport, storage and communications
215
Grupo Radio Centro Sab De CV
Community, social and personal service activities
74
3 285
467
Assets Employees
D. Finance and Insurance
Financiera Independencia Sab CV Sofom EN
4 691
Finance
647
9 763
Sources : Thomson ONE and company websites.
_____________________________________________________________________________________________________
Mexico
_____________________________________________________________________________________________________
10
a
Table 87. Largest foreign affiliates of homebased TNCs, 2010
(Millions of dollars and number)
Company
Host eonomy
Industry
Sales
Employees
A. Primary
Southern Copper Corporation
United States
Mining, quarrying and petroleum
5 150
Silver Bell Mining, L.l.c.
United States
Mining, quarrying and petroleum
150
11 523
200
Cemex Kies & Splitt Gmbh
Germany
Mining, quarrying and petroleum
145
285
Lime & Stone Production Co. Ltd.
Israel
Mining, quarrying and petroleum
95
250
Rmc Russell Ltd
United Kingdom
Mining, quarrying and petroleum
88
40
Cemex Austria Ag
Austria
Mining, quarrying and petroleum
55
74
Kies-union Gmbh
Austria
Mining, quarrying and petroleum
52
74
Cemex El Paso, Inc.
United States
Mining, quarrying and petroleum
40
680
Cemex Sand, S.r.o.
Czech Republic
Mining, quarrying and petroleum
23
112
Hollitzer Baustoffwerke Betriebs-gesellschaft M.b.h.
Austria
Mining, quarrying and petroleum
22
27
B. Secondary (Manufacturing)
Spal Ind·stria Brasileira De Bebidas S/a.
Brazil
Food, beverages and tobacco
2 231
6 000
Bimbo Foods Bakeries, Inc.
United States
Food, beverages and tobacco
1 817
15 000
Gruma Corporation
United States
Food, beverages and tobacco
1 704
6 610
Bbu, Inc.
United States
Food, beverages and tobacco
1 500
21 000
Arnold Foods Company, Inc.
United States
Food, beverages and tobacco
1 385
12 000
Cemex Uk Operations Ltd
United Kingdom
Non-metallic mineral products
1 242
5 000
Industria Nacional De Gaseosas S.a.
Colombia
Food, beverages and tobacco
769
2 000
Cemex Espa-a, Sa
Spain
Non-metallic mineral products
730
3 000
Cemex Deutschland Ag
Germany
Non-metallic mineral products
468
3 351
Coca-cola Femsa De Buenos Aires S.a.
Argentina
Food, beverages and tobacco
455
2 006
Nemak Dillingen Gmbh
Germany
Metals and metal products
368
801
Mabe Brasil Eletrodomtsticos Ltda.
Brazil
Electrical and electronic equipment
365
4 100
Entenmann's, Inc.
United States
Food, beverages and tobacco
340
3 000
Glud & Marstrand A/s
Denmark
Metals and metal products
316
750
Nemak Of Canada Corporation
Canada
Metals and metal products
277
170
Republic Engineered Products, Inc.
United States
Metals and metal products
249
2 500
Cemex Ostzement Gmbh
Germany
Non-metallic mineral products
247
340
Hormicemex, Sa
Spain
Non-metallic mineral products
198
600
P M I Trading Ltd
Ireland
Retail trade
22 146
1
Claro S/a.
Brazil
Transport, storage and communications
6 202
10 000
Empresa Brasileira De Telecomunicat)es S/a. - Embratel.
Brazil
Transport, storage and communications
4 943
7 300
Amx Argentina S.a.
Argentina
Transport, storage and communications
2 307
1 244
Americel S/a.
Brazil
Transport, storage and communications
1 232
900
Telecomunicaciones De Puerto Rico, Inc
United States
Transport, storage and communications
1 085
4 900
Rugby Building Products Inc (del)
United States
Wholesale trade
660
1 500
Telmex Colombia S.a.
Colombia
Community, social and personal service acti
554
350
Cemex Colombia S A
Colombia
Retail trade
470
2 000
Net Spo Paulo Ltda.
Brazil
Community, social and personal service acti
455
300
Readymix Industries (israel) Ltd.
Israel
Construction
333
835
Star One S/a.
Brazil
Transport, storage and communications
293
190
Vivax Ltda.
Brazil
Community, social and personal service acti
256
1 528
Sigma Alimentos International, Inc.
United States
Wholesale trade
245
34
Gmodelo Europa Sa
Spain
Wholesale trade
228
63
Mk Metal Trading Gmbh
Switzerland
Wholesale trade
228
1
Sigma Foods, Inc.
United States
Wholesale trade
214
214
Primesys Solut)es Empresariais S/a.
Brazil
Business services
210
380
C. Tertiary (Services)
Assets Employees
D. Finance and Insurance
Net Servitos De Comunicatpo S/a.
Brazil
Holding
2 307
651
Farmacias Ahumada S.a.
Chile
Holding
1 582
12 149
Amov Argentina S.a.
Argentina
Holding
249
1
Inter National Bank
United States
Finance
115
170
Cemex France Gestion
France
Holding
76
4
Gruma Holding Netherlands B.v.
Netherlands
Finance
28
111
Sources : WorldBase, Dun & Bradstreet Inc., company websites.
a
Or most recent year available.
_____________________________________________________________________________________________________
Mexico
_____________________________________________________________________________________________________
11
a
Table 88. Largest affiliates of foreign TNCs in the host economy, 2010
(Millions of dollars and number)
Company
Home economy
Industry
Sales
Employees
A. Primary
Pilgrim`s Pride, S. De R.l. De C.v.
United States
Agriculture, hunting, forestry and fisheries
492
4 800
Halliburton De México, S. De R.l. De C.v.
United States
Mining, quarrying and petroleum
354
2 400
Sud Chemie De México, S.a. De C.v.
Switzerland
Chemicals and chemical products
16 752
176
Panasonic Electric Works Mexicana, S.a. De C.v.
Japan
Electrical and electronic equipment
8 539
750
Ugimag, S.a. De C.v.
France
Motor vehicles and other transport equipment
8 323
662
Volkswagen De México, S.a. De C.v.
Germany
Motor vehicles and other transport equipment
7 742
16 500
Trico Componentes, S.a. De C.v.
United States
Rubber and plastic products
6 049
2 900
Age Empaques De México, S.a. De C.v.
United States
Wood and wood products
5 257
244
Ternium México, S.a. De C.v.
Spain
Metals and metal products
4 949
8 500
Hewlett-packard México, S. De R.l. De C.v.
Luxembourg
Electrical and electronic equipment
4 686
3 000
Imsa Acero, S.a. De C.v.
Spain
Metals and metal products
3 023
4 500
Owens Corning México, S. De R.l. De C.v.
United States
Non-metallic mineral products
2 245
600
Clairson De México, S.a. De C.v
United States
Rubber and plastic products
2 154
Cigarros La Tabacalera Mexicana, S.a. De C.v.
United States
Food, beverages and tobacco
1 521
2 700
Siemens, S.a. De C.v.
Germany
Electrical and electronic equipment
1 447
14 000
Cervecería Cuauhtémoc Moctezuma, S.a. De C.v.
Switzerland
Food, beverages and tobacco
1 235
7 500
The Pepsi Bottling Group México, S. De R.l. De C.v.
United States
Food, beverages and tobacco
1 193
3 950
Kenworth Mexicana, S.a. De C.v.
United States
Motor vehicles and other transport equipment
1 154
2 000
Paccar México, S.a.b. De C.v.
United States
Machinery and equipment
1 132
2 000
Building Systems De México, S.a. De C.v.
United States
Construction
61 022
415
Steelcase De México, S. De R.l. De C.v.
United States
Wholesale trade
25 273
41
Dmg Mori Seiki México, S.a. De C.v.
Germany
Wholesale trade
9 852
30
Bandag De México, S.a. De C.v.
Japan
Unspecified
6 979
90
Hylsa, S.a. De C.v.
Spain
Business services
5 026
400
Tuv America De México, S.a. De C.v.
Germany
Public administration and defense
3 237
23
Iberdrola México, S.a. De C.v.
Spain
Electricity, gas and water
2 888
400
Pegaso Pcs, S.a. De C.v.
Spain
Transport, storage and communications
2 485
1 800
Motorola De México, S.a.
United States
Wholesale trade
2 357
280
Instituto De Cultura Superior Valle Del Bravo De Reynosa, S.c.
United States
Educational services
2 304
506
Philip Morris México, S.a. De C.v.
United States
Wholesale trade
2 173
2 693
Cuauhtémoc Moctezuma Holding, S.a. De C.v.
Switzerland
Wholesale trade
2 168
23 201
Bonafont, S.a. De C.v.
France
Wholesale trade
1 383
300
Ibm De México Comercialización Y Servicios, S. De R.l. De C.v.
United States
Wholesale trade
1 011
3 394
Sony Electronicos De México, S.a. De C.v.
Japan
Wholesale trade
1 010
522
Lg Electronics México, S.a. De C.v.
Korea, Republic of
Wholesale trade
1 007
300
Suburbia, S. De R.l. De C.v.
United States
Retail trade
854
7 800
B. Secondary (Manufacturing)
C. Tertiary (Services)
Assets Employees
D. Finance and Insurance
Banco J.p. Morgan, S.a., Institución De Banca Múltiple
United States
Finance
48 265
Siefore Bancomer Real, S.a. De C.v.
Spain
Insurance
13 564
Siefore Ing, S.a. De C.v.
Netherlands
Insurance
11 793
Principal Afore, S.a. De C.v.
United States
Finance
8 404
Dolex Envíos, S.a. De C.v.
United States
Insurance
7 791
132
Grupo Financiero Bbva Bancomer, S.a. De C.v.
Spain
Finance
5 450
34 189
Grupo Financiero Banamex, S.a. De C.v.
United States
Finance
4 399
45 069
Bbva Bancomer, S.a.
Spain
Finance
4 283
172
Principal Siefore 2, S.a. De C.v.
United States
Insurance
4 027
Siefore Banamex Básica 3, S.a. De C.v.
United States
Insurance
3 931
Banco Nacional De México, S.a.
Banco Santander (méxico), S.a., Institución De Banca Múltiple,
Grupo Financiero Santander
United States
Finance
3 866
4 750
Spain
Finance
3 440
11 600
Hsbc-b2 Siefore, S.a. De C.v.
Hsbc México, S.a. Institución De Banca Multiple Grupo
Financiero Hsbc
United Kingdom
Finance
3 428
Finance
2 295
2 700
Grupo Financiero Santander, S.a.b. De C.v.
Spain
Finance
2 184
12 000
Grupo Financiero Hsbc, S.a. De C.v.
United Kingdom
Finance
1 894
20 203
United Kingdom
Sources : WorldBase, Dun & Bradstreet Inc., company websites.
a
Or most recent year available.
_____________________________________________________________________________________________________
200