BYD's initial float on the Mexican Stock Exchange will be 1.1 billion shares.
(Mohammad Fathollahi/Unsplash)
Just three months after announcing its plans to build a factory in Mexico, Chinese electric vehicle manufacturer BYD has petitioned to enroll in the Mexican Stock Exchange or bolsa mexicana de valores (BMV).
BYD filed an application to list on the BMV’s Global Market, officially known as the International Quotation System (SIC), a platform that allows Mexican investors to buy shares on other stock exchanges globally. Under the Global Market model, shares of companies from all over the world, as well as exchange-traded funds (ETFs), are sold on the BMV.
In February, Chinese automaker BYD announced its plan to open an electric vehicle manufacturing plant in Mexico. (BYD)
An ETF offers investors in the BMV exposure to around 70 North American companies and trusts considered “direct beneficiaries” of the growing business trend of nearshoring. The first such fund offered by the BMV was launched in March.
Mexico City-based Casa de Bolsa Finamex will represent BYD for operations in the BMV’s Global Market. The move to access the BMV is a significant step for the Chinese car company as it seeks to expand its presence in Latin America.
In its application to the BMV, BYD indicated that its shares would be traded on the BMV’s Global Market beginning Monday, June 10. It also stated that its initial float for the N series is 1.1 billion shares.
The start price for BYD shares will be 230.6 Hong Kong dollars (about US $30 today), the price at which BYD shares were trading on the Hong Kong Stock exchange at the close of June 3.
The Chinese EV manufacturer, based in the city of Shenzhen, made its initial public offering (IPO) on the Hong Kong Stock Exchange in July 2002.
Sheinbaum received the most votes of any presidential candidate in Mexican history. (Graciela López/Cuartoscuro)
Claudia Sheinbaum received more votes in last Sunday’s presidential election than any previous candidate for Mexico’s top job, surpassing President Andrés Manuel López Obrador’s 2018 tally by more than 5 million votes.
Final election results show that Sheinbaum, candidate for an alliance made up of the ruling Morena party, the Labor Party (PT) and the Ecological Green party of Mexico (PVEM), received 35.92 million votes, or 59.75% of all ballots cast.
Claudia Sheinbaum, who won more than double the numbers of votes won by her main rival Xóchitl Gálvez, represents a continuation of President López Obrador’s movement. (Cuartoscuro)
Her tally was more than double that of opposition bloc candidate Xóchitl Gálvez, and she won 5.8 million more votes than López Obrador, who in 2018 became the most-voted-for winner in a presidential election in Mexico.
Support for Sheinbaum in percentage terms was the highest since Miguel de la Madrid won the 1982 presidential election with just under 71% of the vote. De la Madrid represented the Institutional Revolutionary Party, or PRI, which was Mexico’s hegemonic political force at the time.
López Obrador’s won 53.2% of the vote in 2018, while former presidents Enrique Peña Nieto (2012-18) and Felipe Calderón (2006-12) both prevailed with less than 40% of the vote.
Gálvez, who represented the National Action Party (PAN), the PRI and the Democratic Revolution Party in last Sunday’s election, received just over 16.5 million votes or 27.45% of the total.
Xóchitl Gálvez, seen here with the leaders of the PRI (left) and the PAN (right), conceded on Sunday night. (Cuartoscuro)
Her tally exceeded that of the 2018 presidential election runner-up, Ricardo Anaya of the PAN, by almost 3 million votes.
Jorge Álvarez Máynez, the Citizens Movement (MC) party candidate in the 2024 presidential election, received 6.2 million votes or 10.3% of all ballots cast.
National Electoral Institute data shows that a total of 60.11 million votes were cast in the presidential election. Just over 1.4 million votes were invalid, while more than 83,000 people cast ballots for unregistered candidates. Turnout among eligible voters was just over 61%.
Sheinbaum thanks voters for their support
In a video message on Thursday, President-elect Sheinbaum noted that her vote tally was 35.8 million with 99.8% of the vote counted.
— Dra. Claudia Sheinbaum (@Claudiashein) June 6, 2024
Claudia Sheinbaum shared a message of thanks on her social media accounts on Thursday.
Before that, she thanked the Mexican people for their support last Sunday.
“This message is to say to you, thank you, thank you, my heartfelt thanks,” Sheinbaum said. “… The truth is I’m moved.”
Sheinbaum, who will be sworn in as Mexico’s first female president on Oct. 1, said she was “convinced” that the presidential election result equated to “recognition from the people of Mexico that we’re on the right track.”
She also said that citizens had demonstrated “trust” that her government will “continue moving forward with the fourth transformation,” as the political project initiated by López Obrador is known.
“Our conviction has always been and will continue to be openness to dialogue, strengthening of freedoms, democracy and of course closeness to the people of Mexico. We’re going to continue building shared prosperity. I’m not going to fail you. We’re going for the second story of the fourth transformation,” Sheinbaum said.
For her part, Gálvez announced in a video message on Wednesday that she had decided to return to the Senate to finish the six-year term she began in 2018. She stepped down as a senator in late 2023 to contest the presidential election.
Gálvez and PAN leader Marko Cortés said earlier this week that the opposition would file challenges against what they believe was an unfair presidential election, in which López Obrador intervened and “the entire state apparatus” was used to favor Sheinbaum.
While Jeffreys was clear that there are a lot of challenges in Mexico, he also sees a bright economic future for the country. (Shutterstock)
Mexico is “a country on the rise,” according to Oxford Business Group CEO Andrew Jeffreys, who believes it is well-positioned to take advantage of the nearshoring opportunity.
In an interview with the El Economista newspaper, the head of the global publishing, research and consultancy firm even said that “the combination of favorable factors” in Mexico right now may surpass the advantageous conditions that prevailed in other countries at certain times in the past.
Andrew Jeffreys, CEO of Oxford Business Group. (Oxford Business Group)
However, Jeffreys also acknowledged that Mexico has its fair share of problems, and warned that not everything will be easy as the country seeks to capitalize on the nearshoring opportunity.
In conversation with El Economista journalist Luis Miguel Gónzalez, the CEO noted that Mexico has become a large manufacturer across a range of sectors and a major exporter.
Still, Mexicans are very hard on themselves, failing to fully appreciate what has been achieved over the past 30 years, Jeffreys said, referring to the time that has passed since the North American Free Trade Agreement, or NAFTA, took effect.
The automotive industry is one of the top export sectors and draws significant foreign direct investment to Mexico. (Shutterstock)
“Being demanding and self-critical is healthy,” the CEO said, but Mexicans “shouldn’t lose sight” of the progress that has been made. In his view, the future is very bright as well.
Mexico “in more than one way, is a country on the rise,” Jeffreys said.
“Nearshoring is spoken about, but this isn’t a coincidence. [Mexico] has a privileged geographic position, has been developing capabilities in industries such as automotive and electronics for several years [and] has a lot of advantages in demographics, including a large number of qualified people,” he said.
Jeffreys, who has worked as a consultant in numerous developing countries during his 30-year career with Oxford Business Group, said that some of the problems Mexico faces, such as a lack of high-quality infrastructure, are “very common in developing countries.”
Industrial growth has up until now mostly occurred in the northern and central regions of Mexico and has accelerated tremendously in the past 30 years. (Logistikpark.com.mx)
But while Mexico shares some of its problems with other developing countries, it has advantages that other nations don’t have, he said.
“There are other countries with large populations, but they’re not as well-educated as Mexico’s population. No other country is so close to the world’s largest market,” Jeffreys said.
“… I’ve spent a lot of time in Saudi Arabia, Indonesia and Eastern Europe. What I see in Mexico is, perhaps, a greater combination of favorable factors than in other places or at other times. Arab countries had the oil boom, Eastern Europe had the the fall of the [Berlin] Wall and its entry to the European Union. Now [the economic opportunity for Mexico] can be more powerful,” he said.
Mexico’s opportunity, Jeffreys noted, comes at a time when the world is in the “post-COVID” period, the relationship between the United States and China is being redefined and the U.S. is making changes to its commodity chains in “very important” sectors.
“I’m not saying that everything is going to be easy [for Mexico], but a lot of countries have achieved it,” he said, referring to rapid economic development, including the improvement of infrastructure.
“In the ’80s Spain and Greece had very poor infrastructure. Now [their infrastructure] is first class. Mexico has a lot to do with highways, ports, customs, but it has the capacity,” Jeffreys said.
Investment in infrastructure like highways (pictured is a highway in Oaxaca that is part of the Isthmus of Tehuantepec project) is something Mexico needs to focus on, according to Jeffreys. (Lopezobrador.org.mx)
Sharing his optimism about Mexico’s economic potential are other high-profile business people such as JPMorgan Chase CEO Jamie Dimmon and Thor Equities founder and Chairman Joseph Sitt. For her part, President-elect Claudia Sheinbaum said last year that the nearshoring phenomenon will help drive significant economic growth in Mexico during the six-year period of the next federal government.
Asked what will bring major economic benefits for Mexico in the years ahead beyond nearshoring, Jeffreys was definitive.
“The Interoceanic Corridor [of the Isthmus of Tehuantepec], without a doubt,” said the Oxford Business Group CEO.
The corridor includes (or will include) a modernized railroad between the Pacific and Gulf coasts, a chain of industrial parks, improved highway infrastructure and expanded ports in Salina Cruz, Oaxaca, and Coatzacoalcos, Veracruz. Companies that set up there will benefit from a range of tax incentives.
Touted as a rival to the Panama Canal, the trade corridor “makes sense” for Mexico and even more sense “from a global point of view,” Jeffreys said.
Global trade will at least double by 2050 and the world’s main trade routes are currently “saturated,” on the verge of being “in crisis,” he said.
The Isthmus of Tehuantepec trade corridor is one of the projects that Jeffreys sees as instrumental to Mexico’s economic growth in the coming decade. (Lopezobrador.org.mx)
“I’m thinking about the Shanghai-New York route. There are problems in the Suez Canal and the Panama Canal. The distance between California and New York is almost 5,000 kilometers. The world needs to resolve transit from the Pacific to the Atlantic. It’s the most important trade route in the world. Thus, the Interoceanic Corridor is a very important solution for Mexico, but even more so for the world,” Jeffreys said.
He described the corridor as a “long term project” and declared he had no doubt that it will take off in the next five to 10 years. It has “too many things going for it” to fail, Jeffreys said.
“It’s not just a logistics corridor” — across which goods can be transported by train before being reloaded onto another ship for onward sea transportation — “but is also intended to be a production hub,” he noted.
“There are some very successful cases in Asia, on the Strait of Malacca, for example,” Jeffreys said.
Jeffreys told El Economista that industries that are already well-established in Mexico, such as the automotive sector, as well as emerging ones, such as semiconductors, could open production facilities in the corridor.
“The corridor can take development to an area that hasn’t had development and reduce transport costs from west to east [and vice versa],” he said.
Heavy to torrential rains are expected this weekend in Yucatán, Campeche, Quintana Roo, Tabasco, Chiapas, Oaxaca and south-central Veracruz. (Galo Cañas/Cuartoscuro)
As Mexicans say, the rain god Tlaloc has heard our plea: according to the latest forecasts, June is expected to bring abundant rain across Mexico.
Rainfall is expected due to tropical systems entering from the southeast and spreading across the center of Mexico. The first week of June was the last week in which the warm anticyclone — responsible for a lack of rain — dominated the country.
Mexico’s National Meteorological Service (SMN) forecast temperatures ranging between 40 and 45 degrees Celsius in 18 states for Friday. However, temperatures are expected to decrease as the rainy season approaches, with cooler weather coming as early as the third week of June.
The Friday forecast also predicts torrential or intense rain in Chiapas and Tabasco, Campeche, Oaxaca, Yucatán and Quintana Roo; heavy rains in some northern states including Nuevo León and Chihuahua; and isolated rains in the central region, including Querétaro, Guanajuato and Mexico City.
The scorching temperatures Mexico has been experiencing due to heat waves have exacerbated drought conditions in nearly 76% of its territory, according to the latest drought monitor data. The northeast and center of the country are currently reporting exceptional drought, with parts of Oaxaca, Veracruz and Tabasco experiencing extreme drought.
Extraordinary rainfall forecast for June
Weather forecasts show rainfall will gradually intensify as June progresses, with torrential rain expected from mid-June through the last days of the month.
Rainfall will be abundant in Veracruz, Oaxaca, Puebla, Tlaxcala, Morelos, Guerrero, Hidalgo, México state, Mexico City, Michoacán, Nuevo León and Tamaulipas. Mexico’s northwest, west, north and Bajío region will see isolated rains.
The monthly outlook shows above-average rainfall (50-100 mm) in Mexico’s southeastern, southern and east-central states, contrasting with a significant rain deficit in much of the northern, western and Bajío states.
They might all feature trumpets and impressive singing, but Mexico's regional genres are actually very different. (Nick Fewings/Unsplash)
Banda, norteño and mariachi are subgenres of Mexican regional music, a catch-all term that also includes genres as diverse as ranchera, sierreño, and grupero among other varieties. But what’s the difference between all of these genres?
In 2023, regional music dominated the Billboard charts thanks to artists like Peso Pluma, Fuerza Rígida, Carín León, Banda Ms and Edén Muñoz. Mixing banda, norteño and corrido sounds with reggaeton and hip-hop rhythms, these new artists have catapulted Mexican music to a global audience, mostly amongst Gen-Z consumers.
Traditional Mexican genres have become popular across the world, thanks to singers like Peso Pluma. (Cuartoscuro)
But long before these young artists emerged, mariachi music was already global and one of Mexico’s international symbols. Banda and norteño, on the other hand, had a big niche segment amongst specific communities in Mexico and in many Mexican communities in the United States.
If you often find yourself trying to identify if a song on the radio is mariachi, banda or norteño, fear no more. Here are the differences between these three musical genres and their fascinating origin — you might be surprised to find out where banda and norteño really come from!
Mariachi
Mariachi music is Mexico’s iconic sound. Combining brass and string instruments, it is passionate and vibrant, tuning into all types of emotions even if you don’t speak the language.
It originated in the late 19th century in central Jalisco. The towns of Cocula and Tecatitlán both lay claim to being the genre’s birthplace.
Mariachis traditionally dress as Mexican cowboys. (Samuel Ramos/Unsplash)
A typical mariachi ensemble consists of at least three musicians and a maximum of 14, (although the ideal number is seven). The ensemble’s instruments usually include guitar, guitarrón, vihuela, violin, harp, and trumpets, in addition to grandiose vocals. A defining feature of mariachi is the operatic vocal style of its lead singers.
In addition to the musical instruments, a mariachero — an individual musician — always shows up in folkloric attire inspired by the traje de charro, Mexico’s cowboy dress. The outfit includes fitted trousers adorned with buttons, a short jacket, an embroidered belt, boots, wide bowtie and a wide embroidered hat. The female version of the attire substitutes the trousers with a long skirt.
The varied repertoire of mariachis includes songs from different regions of Mexico, many of which were nurtured by stories during the Revolution. The lyrics touch on subjects like patriotism (think of “Cielito Lindo”), women (“Paloma Querida”), love (“Amor Eterno”) and the singer’s love of a good time (“Mariachi Loco”).
JORGE NEGRETE, PALOMA QUERIDA (1950)
There are endless mariachi ensembles in Mexico, ranging from your typical groups at restaurants to those who perform alongside pop stars. However, the most renowned mariachi of all time is, without a doubt, the Mariachi Vargas de Tecatitlán.
Founded 126 years ago by Tecatitlán native Gaspar Vargas, this mariachi group has collaborated with legendary singers like Pedro Infante and Jorge Negrete — who inspired the character of Ernesto de la Cruz in Disney’s “Coco” — as well as contemporary superstar Luis Miguel.
Despite being a fixture in national culture and beloved by virtually every Mexican, mariachi is not as commercially popular as banda or norteño, two regional genres from the north of Mexico.
Banda Sinaloense
Banda music is more of an acquired taste for Mexicans and foreigners alike. However, it is one of Mexico’s most commercial and popular regional genres.
Banda musicians play along the malecón of Mazatlán, the genre is native to the state of Sinaloa. (Dania Robles/Cuartoscuro)
Originally from a small region in Mexico’s northwest, banda developed during the 18th and 19th centuries, influenced by German immigration to Sinaloa. The enclosed geography of the state of Sinaloa, which lies between the Pacific Ocean and the Sierra Madre Occidental, allowed various European rhythms to develop and take root in the area, particularly among rural populations.
Banda combines German and French instruments like the tuba, clarinet, trumpet, trombone and bass drum with the tambora, a Mexican percussion instrument. Its energetic sounds draw influence from German waltzes and polkas and regional Sinaloa rhythms.
For decades, banda ensembles were purely instrumental groups, just like their predecessors in Germany. It wasn’t until 1938 that a musician from El Recodo, near the coastal city of Mazatlán, incorporated emotive vocals.
That musician was Don Cruz Lizárraga, founder of Banda El Recodo or “the Mother of All Bandas,” as many fans dubbed the group. Just as with Mariachi Vargas, Banda El Recodo — which still performs to this day — is responsible for popularizing the genre.
Banda El Recodo de Cruz Lizárraga - Mi Vicio Más Grande
In the 1990s, banda music surged in popularity as it began to incorporate elements of other Latin music genres such as cumbia and ranchera. In the U.S., it became a staple with Mexican-Americans, particularly in California and communities along the border.
Today, banda groups are large. They typically consist of 16 musicians playing the saxophone, tarola, bongos, timbales, trumpets, clarinets, tambora and their signature element, the German tuba.
Other bandas that helped spread the genre include La Arrolladora Banda El Limón and Banda MS.
Norteño
Many confuse norteño and banda music. Despite sharing similar origins, they’re actually totally different genres.
Norteño developed in Mexico’s northeast, in the city of Monterrey, Nuevo León. It draws inspiration from German rhythms typical of Munich, characterized by the accordion.
In the 90s, Grupo Límite disrupted traditional norteño and banda ensembles by incorporating a lead female vocalist, Alicia Villareal. Thanks to this innovation and the group’s catchy songs like “Y Te Aprovechas,” the genre permeated other audiences across the country.
Grupo Limite - Te Aprovechas
Unlike banda groups, norteño ensembles are typically made up of five or six musicians. They incorporate guitar, accordion, bass, snare drum, saxophone and percussion. Nowadays, many of the most famous norteño ensembles include Mexican musicians born in U.S. communities along the border with Mexico. One such group is Intocable.
Christian Nodal is currently Mexico’s most famous norteño exponent. He’s mainly known for popularizing mariacheño, a subgenre that combines mariachi with norteño. Other emerging subgenres include sirreño, known for its origins in the mountains of the north.
The lyrics of both norteño music and banda tap into themes of love, heartbreak, nostalgia, alcohol, drugs, politics and urban life.
Gabriela Solis is a Mexican lawyer turned full-time writer. She was born and raised in Guadalajara and covers business, culture, lifestyle and travel for Mexico News Daily. You can follow her lifestyle blog Dunas y Palmeras.
Be the life of the (Mexican) party with this comprehensive dictionary of slang terms. (Ibuki Tsubo/Unsplash)
There’s nothing like a chela bien muerta, and all the better if it’s straight from the caguama.
Mexicans enjoy their leisure time, and this country’s party culture is always just around the corner. However, as the beers go down the slang often comes out, and knowing what certain phrases refer to in the context of drinking can be essential.
Alistair Baverstock has compiled a rich collection of Mexican slang in his dictionary. (Alasdair Baverstock)
The author of The Mexican Slang Dictionary, Alasdair Baverstock, gives us ten lesser-known Mexican expressions and phrases to take your Pachanga to the next level.
Caguama – noun
A sea turtle.
A large bottle of beer, usually measuring 1.2 litres. Often shared between friends as a cheaper alternative to individual bottles.
Ballena – noun A Caguama, specifically of Pacifico beer, found only in Mazatlan, Sinaloa, where the brewery is based. Literally, a whale.
Chela – noun Beer. The etymology of this slang stems from the name Graciela, which sounds similar enough to the word Cerveza to be substituted for it. The abbreviated nickname for Graciela, is Chela, which therefore applies also to the slang for beer.
Cheve – noun A Norteño equivalent of Chela.
Hasta ver la cruz –
expression To ‘down’ a drink in one go. Comes from the religious prayer candles, the containing glasses have a crucifix at the bottom, and are commonly used for drinking mezcal after the candle has been spent. By doing so, the drinker would ‘see the cross’ at the bottom of his glass only when it is upturned. Consequently also:
adj Very drunk.
Hecho una Cuba – adj Extremely Drunk.
Mala Copa – adj Descriptive of a person who cannot hold their drink, becomes drunk easily, or is prone to foolishness once drunk.
Medios Chiles, Estar a – adj The ‘merry’, or ‘tipsy’ state of drunkeness. Alsohappysón.
Paloma – noun A mixed drink containing Tequila, lime juice and grapefruit soda
Torito – noun Jail cell where those who have committed offences while unde the influence of alcohol are taken to sober up overnight. The ‘drunk-tank’.
You can buy The Mexican Slang Dictionary on Amazon in the U.S., Canada, and Mexico.
Alisdair Baverstock is the Mexico City based author of The Mexican Slang Dictionary.
Morena leaders from the Chamber of Deputies and the Senate held a press conference on Thursday. Soon after, the peso depreciated 2.7%. (Cuartoscuro)
The Mexican peso took a nosedive on Thursday afternoon after the leader of the ruling Morena party in the lower house of Congress indicated that recently-elected lawmakers would seek to approve a raft of constitutional reforms proposed earlier this year by President Andrés Manuel López Obrador.
The peso was trading at just above 17.5 to the US dollar in the early afternoon, but quickly fell more than 2.7% to 18 to the greenback after Deputy Ignacio Mier Velazco’s announcement on proposals that López Obrador sent to Congress in February.
The USD:MXN exchange rate was 17.90 at 5 p.m. Mexico City time, according to Bloomberg.
Mier told a press conference that Morena will seek to hold a vote on López Obrador’s proposal to overhaul the judiciary once lawmakers elected last Sunday assume their positions in September. He also said that 17 other constitutional reform proposals — including one to eliminate numerous autonomous government agencies — remain “current,” indicating that lawmakers could seek to approve those in September as well.
López Obrador will leave office a month after the new Congress is sworn in, handing the presidential sash to Claudia Sheinbaum, who has expressed support for the proposed reforms.
Morena and its allies will have a two-thirds majority in the Chamber of Deputies once the new lawmakers take their seats, and will almost have a supermajority in the Senate. They will thus be able to pass constitutional changes with the support of just a few opposition senators.
The Mexican Stock Exchange (BMV) tumbled on Monday and had recovered by early Thursday, but also dropped in reaction to the congressional leader’s press conference. (Cuartoscuro)
The election results caused the peso and the Mexican Stock Exchange (BMV) to fall sharply on Monday.
During trading on Thursday, the BMV’s benchmark index rose above its pre-election level, but fell after Mier’s announcement. At the close of the BMV on Thursday, the index was 1.3% below its level at the close of markets last Friday.
The peso depreciated on Monday and Tuesday, but appreciated on Wednesday to close at 17.52 to the dollar. It was trading around that level on Thursday until the sudden drop.
Brad Bechtel, global head of foreign exchange at Jefferies Group investment bank, said that “volatility is going to be here to stay,” adding that “it could be a wild time” for the peso “for a while.”
Sheinbaum has responded to the market jitters by saying her government will act with “a lot of responsibility” and has endorsed a set of economic commitments from the Finance Minister, Rogelio Ramírez de la O. (Cuartoscuro)
The currency has depreciated about 5% this week.
Bloomberg reported Thursday that the results in the congressional elections “sent shockwaves across Mexican assets, with money managers rushing to cut their exposure to the peso.”
Citing strategists with the Macquarie financial group, the news agency added that “the post-vote reaction was likely exacerbated by a wave of stop-losses, given the currency was over-owned by speculative traders.”
Juan Perez, director of trading at Monex USA, said that the push by Morena to approve López Obrador’s proposed reforms has led to concerns that the ruling party could seek to make even more radical changes.
“The desire to go hard at reforms this way is a sign that perhaps Morena will push for items, enjoying the lack of checks and balances from opposition, to deviate from business interests that have helped in propping up what was the ‘super peso’ effect,” he said.
Miguel Iturribarria, a strategist at BBVA Mexico, said that among the reforms investors are most worried about are ones that seek to allow citizens to directly elect Supreme Court justices, change electoral laws and get rid of a number of autonomous agencies.
President-elect Sheinbaum sought to calm markets earlier this week by endorsing a set of economic commitments outlined by Finance Minister Rogelio Ramírez de la O, who has agreed to stay in his position after López Obrador leaves office.
She also pledged that her government would “act with dialogue, harmony and a lot of responsibility.”
Mier said that lawmakers would discuss the proposed reforms with Sheinbaum, adding that the outgoing government would participate in the talks as well.
Mexico's Olympic athletes for the 2024 Paris Summer Games received a sendoff from Mexico's Olympic Committee that included inspirational speeches, and a performance by the Mexican Olympic team for rhythmic gymnastics. (Mexican Olympic Committee)
Mexico’s Olympic athletes for the 2024 Paris Games were announced this week, and, for the first time, the majority will be women.
Fifty-two female athletes are on the Mexican Olympic team headed to France in July, and they’ll be joined by 36 male athletes. The 88 competitors in total will compete under the green, white and red flag in 27 events this summer, eager to best Mexico’s haul of just four bronze medals at the previous Tokyo Summer Olympics.
The Mexican Olympic Committee also announced which members of Mexico’s Olympic team would be their male and female standard bearers at the Olympic ceremonies. Diver Alejandra Orozco will be Mexico’s female standard bearer. (Mexican Olympic Committee)
Although the Mexican Olympic Committee is hopeful that a few additional athletes will qualify before the June 15 deadline, to boost the total number of competitors to 95, the number on this summer’s team pales in comparison to Mexico’s recent rosters.
Mexico sent 162 athletes to the 2020 Tokyo Olympics and 125 to the 2016 Rio de Janeiro Games.
This year’s squad of athletes will be the smallest Mexico sends to the Summer Olympics since 2008, when 85 competitors (43 men and 42 women) qualified for the Beijing Games. The main reason for the slim numbers is that Mexico’s men’s and women’s soccer teams failed to qualify.
Overall, Mexico’s athletes have won 73 medals at the Summer Olympics since participating in the 1900 Paris Games. Mexico did not send a team to the Olympics again until 1924 and has participated in every Summer Olympics since then.
Mexico didn’t send women to the Olympics until the 1932 Games in Los Angeles.
Mexico’s Olympic athletes in the 2024 Paris Games
Artistic Gymnastics: Alexa Moreno (in her third Olympic Games), Ahtziri Sandoval and Natalia Escalera
Natalia Escalera (MEX) - Vault - 2023 Pan American Games Women's Gymnastics Event Finals
Mexican gymnast Natalia Escalera will be part of Mexico’s Artistic Gymnastics team at the Olympic Games in Paris this summer. Here she competes on the vault at the 2023 Pan American Games in Chile.
Diving: Gabriela Agúndez (bronze medal winner at the 2022 Tokyo Games), Alejandra Orozco (silver medalist at the 2016 Rio de Janeiro Games and in her fourth Olympics) and Aranza Vázquez, also a second-time Olympic athlete for Mexico.
Rhythmic Gymnastics (team): Julia Gutiérrez, Ana Flores, Kimberly Salazar, Adirem Tejeda y Dalia Alcocer
Cycling Track (team and individual): Jessica Salazar, Luz Daniela Gaxiola and Yuli Verdugo (in her second Olympic Games)
Cycling Road: Andrea Ramírez Fregoso (in her second Olympic Games)
Track & Field:Citlali Moscote, Alegna González (a second-time Olympic athlete) Laura Galván and Margarita Hernández (also in her second Olympic Games)
Canoeing: Sofía Reinoso (in the individual kayak competition)
Weightlifting: Janeth Gómez (in the 59 kilogram weight category)
Rowing: Kenia Lechuga (in the single scull event; Lechuga’s is a third-time Olympic athlete for Mexico).
Taekwondo: Daniela Souza (in the 49 kilogram weight category)
From left to right: Aida Román, Alejandra Valencia and Angela Ruiz will be on Mexico’s archery team. (@AlfonsoDuranzo/Twitter)
Table Tennis: Arantxa Cossío (the first table tennis player born in Mexico to represent Mexico at the Olympics)
Archery (team and individual): Aída Román (silver medalist at the 2012 London Games), Alejandra Valencia (bronze medalist at the 2020 Tokyo Games) and Ángela Ruiz, a 17-year-old who with Valencia and Román won the gold medal at Stage 1 of the 2023 World Archery Cup in Antalya, Turkey.
Valencia has continued to bring home medals at the 2024 World Archery Cup during Stage 2 last month in Yecheon, South Korea: she took the women’s bronze medal for the recurve bow and won gold in the mixed-team recurve event.
Artistic Swimming (duet):Nuria Diosdado (competing in her third Olympic Games) and Joana Jiménez
In a ceremony held in Las Vegas, Nevada, 1,080 international restaurant industry experts recognized three restaurants in Mexico City among the 50 Best in the world: Quintonil (No. 7), Pujol (No. 33) and Rosetta (No. 34). The three honorees secured a spot on the ranking just weeks after receiving some of the first Michelin stars ever awarded in Mexico.
The World's 50 Best Restaurants 2024
For a second year in a row, Quintonil ranked in the Top 10, escalating two positions from the 2023 ranking.
Founded by chef Alejandro Vallejo and his wife Alejandra Flores, the World’s 50 Best praised Quintonil as “a go-to for those looking for fresh, local ingredients and traditional Mexican flavors.” Some of the dishes the panel of experts highlighted include duck pibil tamales with elote cream, braised oxtail in traditional black recado sauce, crème fraîche with melipona honey, cape gooseberry and caviar or prickly pear sorbet. Quintonil opened its doors in 2012.
In his acceptance speech, chef Vallejo highlighted the role and hard work of his entire team, underlining the value of Mexico’s culinary tradition.
Pujol was the next restaurant in the ranking. A staple on The World’s 50 Best for several years, it went down 20 positions from 2023.
Pujol, which has long been a top-ranking restaurant and was awarded two Michelin stars recently, slipped on The World’s 50 Best list this year. (The World’s 50 Best)
Founded by acclaimed Mexican chef Enrique Olvera in 2000, “Pujol presents an innovative proposal rooted in high-quality indigenous ingredients and diverse techniques, adding a modern twist to traditional Mexican recipes,” the list said. The World’s 50 Best praised the restaurant’s colored and elegant dishes, as well as its sustainability efforts. Pujol’s staple dish is its mole madre.
Pujol and Quintonil are the only Mexican restaurants with two Michelin stars.
Finally, Rosetta, which debuted on the list at No. 49 last year, climbed 15 spots in this edition.
Founded by Elena Reygadas, who studied English literature as an undergraduate, the restaurant has evolved from an Italian-inspired cuisine to a Mexican restaurant “with a reinterpretation of traditional dishes.” Reygadas was recognized as the world’s best female chef by World’s 50 Best in 2023.
When Elena Reygadas began her signature restaurant Rosetta in 2010, she was inspired by Italian cuisine, although she’s also come to champion Mexican traditional foods that are not as well-known outside the country.
In addition to these restaurants, the Mexican chef Santiago Lastra’s restaurant Kol, located in London, ranked No. 17 on the list. The World’s 50 Best recognized Kol for its creativity to produce Mexican dishes using British ingredients, a task it defined as “challenging.”
The 22nd edition of the annual ranking spans 26 countries and territories and five continents. The list has been published every year since 2022, with the exception of 2020 due to the COVID-19 pandemic’s impact on the restaurant industry.
This year’s best restaurant accolade went to Disfrutar in Barcelona, Spain, run by Chefs Oriol Castro, Eduard Xatruch and Mateu Casañas.
From January to April, Mexico's exports to the U.S. were worth US $162.91 billion, up 6.2% over the same period last year. (Lloyds)
Mexico continues to consolidate its position as the world’s top exporter to the United States, shipping products worth more than US $162 billion to its northern neighbor in the first four months of the year, according to U.S. government data.
Data published by the U.S. Census Bureau and the U.S. Bureau of Economic Analysis on Thursday also shows that Mexico earned more revenue from its exports to the U.S. in April than in any previous month.
The automotive industry is responsible for a significant amount of Mexico’s exports. (Shutterstock)
Mexico’s exports to the U.S. in April were worth $43.06 billion, a 13.2% increase compared to the same month of 2023.
Export revenue in the first four months of the year was $162.91 billion, a 6.2% increase compared to the same period of last year.
Most of Mexico’s export income comes from manufactured goods including cars, computers and machinery, but it is also a significant exporter of oil and agricultural products to the U.S.
Mexico’s total share of the U.S. market for imports in the first four months of 2024 was 15.9%, up from 15.4% last year and 14% in 2022.
A packing house prepares avocados for export in Peribán, Michoacán. (Juan José Estrada Serafín/Cuartoscuro)
Canada and China ranked second and third, respectively, for exports to the U.S.
Canada’s revenue from exports to the U.S. fell 0.8% annually in the first four months of the year, while China’s income declined 2.5%.
Mexico has benefited from a “decoupling” of the world’s two largest economies amid the ongoing China-United States trade war, as well as the relocation of foreign companies here as part of the nearshoring trend.
Imports from the U.S. also increased between Jan. and April
The U.S. data also shows that Mexico spent $29.39 billion on imports from the United States in April and $109.56 billion in the first four months of the year.
Imports to Mexico from the U.S. increased 18.2% in annual terms in April and 3.4% in the January-April period.
The strength of the Mexican peso is a factor that contributed to the increase in spending on imports in the first four months of the year, the El Economista newspaper reported.
Mexico remains the United States’ top trade partner
Two-way trade between Mexico and the United States was worth $272.47 billion between January and April, a 5% increase compared to the same period of last year.
Trade with Mexico accounted for 16% of the United States’ total trade in the first four months of the year. Canada was the United States’ second largest trade partner with a 14.8% share of total trade, while China ranked third with a 10.4% share.
Mexico recorded a trade surplus of $53.5 billion with the U.S. between January and April.
Other ‘need-to-know’ economic data
The USD:MXN exchange rate was 18:00 at 3 p.m. Mexico City time on Thursday, according to Bloomberg.
The national statistics agency INEGI reported in late May that Mexico’s economy grew 1.9% in annual terms in the first quarter of 2024.
