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China has made Mexico a premier investment destination. Is it a US detour, or something more?

The same trend is seen in China’s battery exports to Mexico, particularly the lithium batteries used in electric vehicles.

China’s battery exports to Mexico rose 35 per cent year on year in 2018, followed by 32 per cent in 2021 and 11 per cent in 2022. Last year, the figure saw a 6 per cent drop, according to the GAC.

China cuts tariffs on 143 Argentine products amid tense bilateral ties

Overall flows into Mexico, a forerunner in the global automotive industry and a country with a vast, young and relatively inexpensive labour force, are following a similar trajectory.

Direct investment from China to Mexico, which reached a single-year high of $587.2 million in 2022, declined by $21 million in the first three quarters of 2023 according to Mexican government data.

But in 2018, Chinese direct investment in Mexico doubled from the 2017 figures.

The investment landscape in Mexico is also…

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