By Anthony Harrup
MEXICO CITY--Foreign direct investment into Mexico rose in the
first quarter of the year to $4.99 billion, largely as a result of
reinvested profits by foreign companies in the country, the Economy
Ministry said Wednesday.
The Economy Ministry said the amount was up 14% from the
preliminary figures reported in the year-earlier quarter, and was
the highest for a first quarter since 2007. Foreign direct
investment numbers are usually revised higher as more investments
are registered with the government.
The first-quarter investment numbers were mostly reinvested
profits, which accounted for $3.07 billion, and intercompany
accounts, while new investment was a negative $280 million, the
ministry said.
The $280 million outflow was related to the purchase of a
pension fund from Spain's Banco Bilbao Vizcaya Argentaria (BBVA) by
Grupo Financiero Banorte (GFNORTE.MX, GBOOY) and the Mexican Social
Security Institute, which involved Mexican investors acquiring
foreign-held shares, the ministry said.
Foreign direct investment in 2012, at $12.66 billion, fell well
below government expectations of $20 billion, and included a
negative $909 million in the fourth quarter as Spanish-owned Grupo
Financiero Santander Mexico (BSMX, SANMEX.MX) sold a 25% stake in
the bank.
Mexican direct investment abroad last year was $25.6
billion.
Write to Anthony Harrup at anthony.harrup@dowjones.com