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UPDATE 1-Mexico says 1st-qtr foreign direct investment rises to $7.9 bln
May 23, 2017 / 11:47 PM / 7 months ago

UPDATE 1-Mexico says 1st-qtr foreign direct investment rises to $7.9 bln

(Recasts; adds historical comparison)

MEXICO CITY, May 23 (Reuters) - Mexican foreign direct investment (FDI) rose to $7.9 billion in the first quarter of the year, 0.6 percent above the preliminary figure for the same period a year ago, Mexico’s Economy Ministry said on Tuesday.

The figure was also nearly 40 percent above the FDI recorded in the fourth quarter, when Donald Trump won election as U.S. president and began threatening to impose steep taxes on American companies that move jobs to Mexico.

Still, central bank data show the final data for the first quarter ended considerably higher during the last four years, and the 2016 final figure totaled $10.4 billion - almost a third higher than the preliminary figure.

Growth data this week showed the Mexican economy has so far shrugged off fears that Trump’s policies would wreak havoc on exports and investment, prompting the government to raise its full-year growth forecast.

The ministry said the preliminary figure was the highest for a January-March period on record, thanks in part to a $620 million share purchase of Aeromexico by U.S. carrier Delta Air Lines.

Some 50 percent of the quarter’s FDI was from the United States, followed by Spain and Germany, with just 14.4 percent and 6.4 percent, respectively, the ministry said.

Manufacturing received the biggest share of the funds, followed by financial services. (Reporting by Mexico City Newsroom, editing by G Crosse)

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