|
|
 |
|
Viewing report
|
|
|
|
Executive Report on Strategies in Mexico
ICON Group International, June 2007, Pages: 389
How to Strategically Evaluate Mexico
Perhaps the most efficient way of evaluating Mexico is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”).
Framework for Prioritizing Countries
Demand/Market Potential Driven Firm
Relative Accessibility
Accessibility/Supply Averse Firm
Relative Accessibility
In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities.
Latent Demand and Accessibility in Mexico
This report provides an extremely detailed overview of factors driving latent demand and accessibility in Mexico. Latent demand is largely driven by economic fundamentals. But, latent demand only represents half of the picture. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks.
Chapter 2 deals with macro-accessibility. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in Mexico:
Openness to Trade in Mexico
Openness to Direct Investment in Mexico
Local Marketing and Entry Strategy Alternatives
Local Human Resources
Local Risks
Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are also covered in Chapter 2, which is presented from the perspective of an American firm, though it is equally applicable to most firms entering Mexico. This chapter has been authored by local offices of the U.S. Government. I have included a number of edits to clarify the provided information as it relates to the general strategic framework.
In Chapter 3, I summarize the economic potential for Mexico over the next five years for hundreds of industries, categories, and products. The goal of this chapter is to report my findings on the real economic potential, or latent demand, represented by Mexico when defined as an area of dominant influence. The data presented are the result of various spatial econometric and time-series forecasting models which, for each category presented, are applied to forecast and allocate latent demand across all countries of the world and major distribution centers or centers of dominant influence within each country. This is accomplished knowing that economic fundamentals (e.g. income) generally vary from one country to another within a given country over time. In this chapter, I report the allocation for each category for Mexico as an area of dominant influence in Latin America and, potentially, the world.
The report concludes with trade indicators for Mexico. Often, the amount of trade flowing into and out of a country is a strong indicator of trading partners, trade openness, and related latent demand. Trade indicators are purely statistical in nature. Although international trade is not a direct measure of latent demand, it does provide an indicator of general market conditions with respect to trade flows and trade openness in Mexico.
As a whole, this report presents a strategic assessment of Mexico by considering an extremely broad set of factors affecting both latent demand and accessibility, as outlined in the following chapters.
MACRO-ACCESSIBILITY IN MEXICO
Economic Fundamentals and Dynamics
Major Trends and Outlook
In 1998, Mexico’s Congress created the Institute for the Protection of Bank Savings (IPAB) to take over the assets and liabilities formerly held by the now-defunct FOBAPROA and to act as a deposit insurance fund. That step was fundamental to the rebuilding of the banking sector, which had collapsed during the 1994-1995 peso crisis. By June of 1999, IPAB had assumed $65 billion in liabilities, and has since begun liquidating FOBAPROA assets. The elimination of government restrictions on foreign ownership of the largest banks has resulted in substantial merger activity. Citibank’s purchase of Banacci (Banamex) in 2001 left only 20 percent of Mexican banking, measured by assets, under Mexican ownership. Nevertheless, consumers as well as small and medium enterprises do not have sufficient access to bank credit and are forced to rely on other institutions or trade arrangements for credit. Thus, the economic expansion has taken place without a significant contribution from domestic banks, and has mostly benefited large firms with access to foreign credit, an imbalance that may have exacerbated Mexico’s income inequality.
The Mexican Congress authorized the privatization of the national railroad system in 1995. By 2000, concessions had been granted for all three major railroad lines and four short-haul lines. Since a related 1995 law provided for 50-year airport concessions to private investors, three out of Mexico’s four regional group clusters have come under private sector management.
In 1995, Congress eliminated Pemex’s monopoly over the transportation, storage, and distribution of natural gas. Over 110 natural gas transport and distribution permits have been granted, including contracts for Mexico City and the surrounding area. The remainder of the energy sector has seen little change, with Pemex remaining the sole supplier.
Mexico is vigorously pursuing free trade agreements with other countries in order to reap the benefits of trade and to reduce its dependence on the U.S. market. Mexico has a free-trade agreement with the European Union similar in coverage to NAFTA, and also benefits from agreements with:
Chile
Costa Rica
Uruguay
Bolivia
Colombia and Venezuela
Nicaragua
Israel
'Northern Triangle' (Guatemala, El Salvador, and Honduras)
European Free Trade Association (Norway, Switzerland, Iceland, and Liechtenstein)
Negotiations to liberalize trade are ongoing with Brazil, Argentina, Panama, and Japan. Mexico’s membership in APEC, its active participation in the creation of the Free Trade Area of the Americas, and its pursuit of bilateral investment treaties give further testimony to Mexico’s commitment to economic liberalization.
Government Role in the Economy
Mexico’s growing commitment to free and open markets resulted in a dramatic reduction in the number and importance of parastatal enterprises. An exception has been the energy sector. Pemex, the state petroleum and natural gas enterprise, is considered part of the 'national patrimony' and is constitutionally closed to foreign or private investment. Similarly, the government retains ownership of the electric power transmission grid, although it has worked hard within existing rules to attract more private investment in electric power generation.
Balance of Payments Situation
Mexico’s 1994 current account deficit was $29.7 billion, equivalent to 8.2 percent of GDP. It was financed mostly by inflows of portfolio investment, primarily in short-term government debt. That deficit and a sharp reversal of short-term capital flows combined to force the December 1994 devaluation and subsequent float of the peso, and a deep, if relatively short, recession. The trade balance was dramatically reversed as a consequence. Mexico’s trade deficit of $18.5 billion in 1994 turned into a surplus of $7.1 billion in 1995 on the strength of a 31 percent growth in exports and a 9 percent decline in imports. The 1994 current account deficit of $29.7 billion was cut to just $1.6 million in 1995, or to 0.6 percent of GDP.
Mexico maintained a trade surplus throughout 1996 and 1997. As the economy recovered and the peso appreciated, imports grew faster than exports and the surplus diminished. During those two years, Mexico ran a small but growing current account deficit.
Unstable financial markets in Argentina and Brazil have not alarmed investors in Mexico. Foreign oil sales are the main reason that the Bank of Mexico currently counts near-record levels of foreign reserves.
Political Risks
The U.S. - Mexico relationship is a tapestry of mutual interests, shared problems, and growing interdependence in which state and local governments as well as citizens’ groups are all important players. Since 1981, the U.S.-Mexico Bi-National Commission (BNC), composed of U.S. and Mexican Cabinet members, has formalized bilateral discussions on issues of mutual interest. The most outstanding feature of our bilateral relationship in recent years has been the North American Free Trade Agreement (NAFTA) among Mexico, the United States, and Canada, which created a free trade zone in the three-nation area.
Elections have steadily become more free and fair, and the general political climate is calm. In the state of Chiapas, there has been no combat between government and guerrilla forces since 1994, aside from the occasional small skirmish.
Civil society activity is rapidly expanding throughout Mexico. The Business Coordinating Council (CCE) carries the views of the major business chambers to the government, and the Mexican Council for Foreign Trade (COCME) represents the interests of the private sector during free-trade negotiations.
The Institutional Revolutionary Party (PRI), the largest and oldest political party, likes to claim the center of Mexican politics, but in reality the party has often modified its ideology for political advantage. The PAN advocates private sector-oriented policies and is generally less inclined than the other two parties to encourage or tolerate government intervention in the economy. The PRD espouses a populist ideology and believes in more government intervention in the economy than the other two major parties.
Nature of Bilateral Relationship
Broad and complex, the U.S. - Mexico relationship is the paramount bilateral relationship for both countries. The two countries cooperate on trade, finance, narcotics, immigration, labor, environment, science and technology, and cultural relations. Both countries also maintain a bilateral dialogue on human rights issues. Beyond those diplomatic and official contacts, extensive networks of commercial, cultural, and educational ties flourish, especially along our 2,000-mile border where state and local governments as well as citizens’ groups interact closely.
A strong and economically healthy Mexico is a fundamental U.S. interest. The BNC, composed of U.S. and Mexican cabinet members, provides a forum for bilateral discussions on ways to improve cooperation on a range of issues impacting both the U.S. and Mexico. The Commission holds annual plenary meetings, and its many subgroups meet at various times during the year to discuss a myriad of topics, such as trade negotiations, migration, law enforcement, cultural relations, education, border cooperation, and the environment.
NAFTA, which created a free trade zone for Mexico, the U.S. and Canada, continues to define more broadly the bilateral relationship between the U.S. and Mexico. With parallel agreements on the environment and labor rights, NAFTA also created the North American Development Bank to help finance border infrastructure and environmental projects.
Relations between the Federal Executive and State Leaders
The states have few means of raising their own revenues. In fact, about 80% of the average state budget comes from the central government, and that money has traditionally been distributed disproportionately to the southern states, which are both poorer on average and have been more consistently pro-PRI. Northern and more prosperous states have long groused that their citizens contribute substantially more to federal coffers than they receive back from the federal government either in services or budgetary support. During PRI-led administrations, opposition governors often complained about a lack of state-federal government coordination, especially on law enforcement issues. The PRI has begun to advocate less centralization in favor of an enhanced federalism.
The Political System
The structure of the Mexican government resembles that of the United States as both countries have divided power among three branches: Executive, Legislative, and Judicial. However, by tradition and law, Mexico’s President is far more powerful than his U.S. counterpart and has traditionally dominated the other two branches and politics in general. The President is elected to a six-year term and cannot be re-elected.
The Mexican judiciary has long been subject to presidential influence and consequently was unable to assert itself as an equal branch of government. Major judicial reforms have made some progress toward solving these systemic problems, and the current Supreme Court has recently emphasized its independence from the President, the Congress, and the political parties.
A non-partisan council runs the IFE, the agency that oversees federal elections. Corresponding bodies administer state-level elections, and the judiciary is empowered to protect civil rights in voting matters. Moreover, Mexicans now have the right to observe the electoral process from start to finish with specific legal authority to report irregularities. Foreign 'visitors' have also been welcomed to witness Mexican elections. The IFE provides technical support and training to state and local electoral authorities.
Marketing Strategies
Distribution, Sales Channels, and Partners
American firms that seek to sell their products in the Mexican market can use different approaches to achieve this goal.
Selling Directly to the End-User
This approach allows firms to eliminate the middleman and reap the benefits of direct contact. Negotiations will take less time. There is no distributor mark-up, and the U.S. firm can know first-hand the requirements of the client. Many Mexican firms employ English speaking staff, but it is a good idea for the U.S. company to employ Spanish-speaking sales representatives. One drawback is that the American firm must be much more knowledgeable regarding the Mexican commercial environment. There also are cost considerations: Sales representatives based in the United States may have to do extensive travel in Mexico.
Selling through Distributors in the United States
Mexican firms generally prefer to deal directly with the manufacturer rather than through U.S. distributors, since this incurs an extra mark-up. For U.S. firms, however, the advantage of this approach is that the costs of market development and any risks associated with non-payment are borne by the U.S. distributor. It is common for Mexican firms in the northern region to purchase through distributors located on the U.S. side of the border, as this can be cheaper than purchasing through a Mexican distributor.
Selling through a Mexican Manufacturer
Some Mexican manufacturers sell products manufactured by American firms. Usually, the Mexican manufacturer seeks to complement its product line using this method. American firms that want to use this distribution channel should consider registering their products in Mexico in order to avoid possible patent infringements.
Selling through a Wholesaler
Some American firms use a Mexican wholesaler to distribute their products. Through this channel, American firms can take advantage of the wholesaler’s distribution infrastructure. In addition, by using this channel, American firms negotiate with only one party, smoothing the distribution process. However, some industry sectors have few, if any, wholesalers. A wholesaler is an efficient channel for consumer products or business and industrial consumables.
Selling through a Distributor/Retailer
Many American firms use a distributor and/or retailer to distribute their products in Mexico. This channel can be used to distribute products in various regions or to distribute to several lines of business. For example, a distributor can be used to sell to the automobile industry, and another distributor to sell to the financial sector. This channel is also efficient when the distributor is required to have a stock of the product.
Selling through Agents
Some American firms sell their products through a sales agent. Usually, a sales agent is a freelancer. However, some Mexican firms are interested in serving as sales agents for American firms. This channel can be efficient for reaching the smaller cities or more remote locations of the country.
Selection of the appropriate agent or distributor requires time and effort. Though there may be many qualified candidates, U.S. firms should use high standards in selecting the agent/distributor. Since most Mexican firms are selling into a limited area, U.S. companies should consider appointing representatives in multiple cities to broaden distribution, and rarely, if ever, grant an exclusive, national agreement. It is important to develop a close working relationship with the appointed agent/distributor. Providing appropriate training, product support, and timely supply of spare parts is critical to your chances for success. There are no indemnity laws to prevent a company from canceling an agent or distributor agreement, but the cancellation clause should include specifics and this clause should be free of vague language. Sales performance clauses in agent/distributor agreements are permitted and failure to meet established standards can be a reasonable cause for contract cancellation.
Before signing the agent/distributor agreement, make certain that the person understands the terms and conditions and the relationship to be developed. Many relationships are strained because insufficient time is invested in developing a full understanding of what is expected.
The Commercial Service and other organizations, such as the American Chamber of Commerce and U.S. state government offices, maintain lists of Mexican agents/distributors, manufacturers, Mexican government offices, and private sector trade organizations. After identifying a suitable agent/distributor, the U.S. exporter is encouraged to conduct a commercial background check on the Mexican firm, such as offered by the U.S. Commerce Department’s International Company Profile (ICP) report.
If the product is new to the market, or if the market is extremely competitive, advertising and other promotional support should be negotiated in detail with your representative. Product and industry knowledge, track record, enthusiasm and commitment should be weighted heavily. Service and price are extremely important to Mexican buyers. The U.S. exporter should also schedule frequent visits of Mexican personnel to the U.S. companies for training. Other factors to consider include financing, as the commercial and industrial sectors’ resources are limited due to high interest rates. Joint venture arrangements should also be investigated to strengthen market penetration. Direct marketing and telemarketing are still evolving as a marketing strategy, but they are gaining in popularity and scope.
Franchising Activities
The franchise sector in Mexico has become one of the most successful sectors in Mexico despite the uncertainty of the economy in the global market. Mexico is the 11th leading nation worldwide in franchise development.
Services franchises have shown rapid growth in the last few years. Particularly popular are:
Education and training services
Business services
Advertising
Financial consulting
Printing and publishing
Temporary job services
Health care services
Automotive services
In an effort to support the establishment and expansion of franchises in Mexico, the Mexican government has signed an agreement with the Overseas Private Investment Corporation (OPIC) to provide financial aid to Mexican individuals interested in U.S. franchises.
There are no barriers to franchisers of any products or services in Mexico.
Pricing Issues
Exporters should look carefully at import duties (taking into account the NAFTA progressive tariff reductions), broker’s fees, transportation costs, and taxes to determine if the product/service can be priced competitively.
The import duty, if applicable, is calculated on the U.S. plant value (F.O.B. price) of the product, plus the inland U.S. freight charges to the border and any other costs listed separately on the invoice and paid by the importer. These can include charges such as export packaging, inland freight cost, and insurance.
Value Added Tax (IVA)
Mexican Customs collects a value-added tax or IVA from the importer, on foreign transactions, upon entry of the merchandise into Mexico. This IVA is assessed on the cumulative value consisting of the U.S. plant value (f.o.b. price) of the product(s), plus the inland U.S. freight charges, any other costs listed separately on the invoice such as export packing, insurance, plus the duty, if applicable.
The IVA is 10 percent for products exported to the 'border zone', defined as 20 km from the U.S.-Mexico border. For final shipping points, other than the border zone, a 15 percent IVA is charged. The importer will pay other IVA fees for such services as inland Mexico freight, warehousing, and custom brokerage fees, if applicable. The IVA typically is recovered at the point of sale. Sales of real property (real estate) within the border zone are taxed at the 15 percent IVA rate.
The law considers several exceptions for the payment of the IVA taxes, including:
Products imported under the PITEX program (Program of temporary imports to produce articles to be exported), when they comply with the requirements specified for this program.
Donated products imported by institutions accredited and authorized to receive donations from foreign institutions.
Estimated Minimum Prices
To avoid dumping practices, the Mexican authorities have set minimum prices for a wide range of imported products, including:
Textiles
Clothing
Leather products
Shoes
Some metals
Stationary products
Tools
Some glass products
Bicycles
Children accessories
These minimum prices will be taken as the base for calculating any duty or taxes, if applicable, for all products imported under certain Harmonized System Codes.
Government Procurement
The Secretariat for Public Services (Secretaria de la Funcion Publica) implements the laws that regulate government procurement known as the Public Sector Law of Purchases, Leases, and Service (LAPAS) and the Law of Public Works and Related Services (LAOPS). These laws address the participation of local and foreign firms in projects at the federal, state and municipal levels. United States firms should be aware that state and municipal contracts are not subject to the NAFTA Chapter 10 rules and guarantees.
The most relevant items of both laws are:
The two laws do not apply to tenders of the Government of Mexico City and the Office of Mexico City’s Attorney General.
The laws allow for the use of electronic media during the different procedures - no other Mexican law has this characteristic. This includes electronic signatures and electronic security systems/devices/procedures.
The laws indicate that the purchasing committees of all the nine federal secretariats, PEMEX (government-owned petroleum company), and CFE (Federal Electricity Commission), including the Secretariats of the Defense and the Navy, are the entities authorized to process purchases of equipment and supplies.
The laws are very specific in regards to the sanctions for irregularities in the purchasing process.
The laws require a 10 percent bond of the total project value only for companies that have been awarded a contract.
American firms, their Mexican agents, distributors, and representatives interested in government procurement should become familiar with these laws and any potential revisions to the laws. American firms may take advantage of electronic means to participate in the bidding process. American firms that want to learn more about tenders and bids can check the following electronic Web page address, which includes all information on current tenders, statistics, and complaints: http://www.compranet.com.mx.
According to the Federal Government Annual Budget Plan, the entities having the largest purchasing budgets include:
Petroleos Mexicanos - PEMEX
Federal Electricity Commission (Comision Federal de Electricidad - CFE)
Secretariat of Communications and Transport (Secretaria de Comunicaciones y Transportes - SCT)
Mexican Social Security Institute (Instituto Mexicano del Seguro Social - IMSS)
Institute of Security and Social Services for the Government Workers (Instituto de Seguridad y Servicios Social para los Trabajadores del Estado - ISSSTE)
While maintaining a representative or office in Mexico is not a prerequisite to obtaining government contracts, it can simplify obtaining the information needed to prepare bid documents and support after-sales service and parts supply.
American firms are encouraged to carefully analyze with their representative the tender specifications. They may differ from entity to entity, depending on the value of operation, type of goods or services, budget limitations, etc. A bid will be disqualified if not received within the specified period of time. Likewise, each tender includes a specific period of time for participants to ask questions. By paying attention to all details, the unnecessary disqualification of a firm may be avoided. In some tenders, only written questions are permitted. Replies are given to all purchasers of the tender documents.
The U.S. Trade and Development Agency (USTDA) can provide de minimus training grants and other forms of technical assistance to help a U.S. company or consortium win a competitive tender. For more information on USTDA, please see Chapter 9: Trade and Project Financing.
If a tender specifies a certain brand or gives preference to a supplier, a complaint can be filed with the General Directorate of Complaints. Do not wait for the contract to be awarded. Bid only on the exact specifications listed in the tender. 'Solutions' and or specifications not listed will disqualify the bid.
Finally, U.S. firms should communicate regularly with their Mexican representative and fine-tune all details related to the required documents. There have been numerous cases of disqualification based upon seemingly insignificant failures on the part of bidders to comply with tender regulations and procedures to the letter of the law.
Legal Considerations
The legal and regulatory requirements in any country affect the way a company does business, and maneuvering through the legal maze in Mexico can present many pitfalls for foreign firms. After the North American Free Trade Agreement (NAFTA) was signed in 1992, Mexico undertook a concerted effort to bring its laws and regulations into line with the accord’s provisions, as well as to adopt commercial laws more in line with standard international practices. This has resulted in greater legal continuity among the NAFTA countries, but important differences remain.
Many U.S. firms make the mistake of assuming that Mexico’s legal framework is very similar to that of the United States and depend on their U.S. legal counsel to advise them on doing business in Mexico. However, Mexico’s legal tradition is based on the Napoleonic Code, rather than English common law, and therefore much of the advice that would be applicable to a business venture in the United States is inappropriate for Mexico. Indeed, unlike the United States, where judge-made law (common law and precedent) shapes much of the legal landscape, the Mexican legal framework is built on a system of codes, which govern all civil, criminal and commercial matters.
Because of these and other differences, the U.S. Embassy recommends that a Mexican lawyer, or an American lawyer trained in Mexican law, review all legal documents related to the firm’s business operations in Mexico, including labor contracts, leases, and all other commercial agreements. The advice of an experienced Mexican corporate lawyer can be indispensable in, for example, conducting due diligence prior to investing and entering into a partnership or acquisition in Mexico. Moreover, litigation, as in the United States, is both lengthy and costly, and the outcome may be uncertain.
Although the vast majority of laws affecting U.S. companies doing business in Mexico will come under federal jurisdiction (e.g. corporate law, international trade regulations, labor and employment law, intellectual property protection), companies must also be alert to the requirements of state codes when investing in Mexico. In our experience, the majority of investment disputes have been handled in state courts, which are largely independent of the federal legal system.
U.S. and Mexican parties enjoy freedom of contract with respect to the content of agency, distributorship, and partnership agreements to be carried out in Mexico. However, considerable Mexican tax and labor obligations may flow from agency agreements not carefully drafted in accordance with Mexican and international law. In addition, contracts should contain all of the elements considered prudent in the United States, such as rights and responsibilities of the partners, compensation, term, escape clauses, and designate the applicable law and forum for resolving commercial disputes.
U.S. firms seeking to do business in Mexico have a full range of options to consider with respect to business entities, each presenting different legal issues. Other legal aspects, such as foreign investment regulations and standards are discussed in other sections of this chapter.
Mexico’s Foreign Investment Law (FIL), enacted in 1993, delineates those sectors and activities in which foreign participation is restricted or limited. The FIL also outlines the limitations placed on foreigners wishing to acquire property on the Mexican border and in coastal zones. However, the FIL establishes as its basic premise that foreign investors may hold unlimited equity in Mexican corporations, acquire fixed assets, expand into new areas of economic activity, and own and operate all types of enterprises in Mexico, except as otherwise stated in the law. Accordingly, before committing resources to a given activity or initiative, U.S. companies are advised to consult the specific limitations and restrictions set out in the FIL.
U.S. firms making direct sales to companies in Mexico need to be more concerned about following good international trade practices than about Mexican law. The biggest worry for a company selling internationally concerns payment risks. There are many types of payment commonly used, which include letters of credit, pre-payment, documents against payment, receivable insurance, and open account. The latter is sometimes a source of headaches for U.S. exporters wishing to increase their sales. They should be aware of the prolonged lack of liquidity in Mexico, which causes many firms to default or delay payments. Take care before granting 'open account' treatment. Mexico is a member of the United Nations Convention on International Sales of Goods, and American firms are encouraged to become familiar with this treaty as they can request the Mexican importer to honor the provisions of this convention, if appropriate.
Firms doing business from the United States that do not establish a fiscal or physical presence in Mexico do not create income tax or other obligations with the Mexican government. However, in order for the Mexican buyer to carry out th
Customers who bought this item also bought
Mexico Tax, Law and Business Briefing: 2008
Mexico Tax, Law and Business Briefing: 2009
Mexican Paints and Coatings Market
Emerging pharmaceutical markets Argentina and Mexico
Mexico Agribusiness Report Q1 2009
Mexico Food and Drink Report Q2 2008
Mexico Agribusiness Report Q2 2009
Defense in Mexico: A Strategic Reference, 2006
Mexican Automotive Market: Passenger Cars, Components and Spare Parts 2007/2008 - 2010
Mexico Agribusiness Report Q4 2009
The 2009-2014 World Outlook for Mexican Dips
Dietary Supplements in Mexico: A Strategic Reference, 2007
|
|
|
|
