Over the past decade, North American integration has accelerated in ways that often go unnoticed. In 2023, Mexico became the United States’ largest trading partner, with over $745 billion in bilateral trade, more than with all of Asia combined. But behind the headlines about “nearshoring” a deeper transformation is taking place, one that BBVA is not only observing, but enabling: the emergence of a truly regional production network powered by smartshoring.

While “nearshoring” has become a buzzword, often reduced to a geographic shift in supply chains, the real opportunity lies in building intelligent, resilient, and interconnected production systems. At BBVA, we believe this requires going beyond the map and instead, understanding the network.

Rethinking North America as a Network of Value

BBVA Research has analyzed Mexico’s economic geography not as a collection of sectors or states, but as a dynamic production network, identifying key industrial nodes such as automotive, machinery, plastics, and computing equipment with powerful spillover effects on regional development.

This network-based approach allows policymakers and investors to move from reactive to strategic thinking. Instead of asking “where should factories go?”, we ask: which nodes should be strengthened to enhance regional productivity, innovation, and resilience? 

The Texas–Nuevo León Corridor: A Continental Backbone

Nowhere is this regional logic clearer than along the Texas–Nuevo León corridor. In 2023, Texas imported over $140 billion in goods from Mexico more than from any single country outside North America. Nuevo León, in turn, accounted for over 10% of Mexican exports and 12.6% of national manufacturing. We have responded by opening a dedicated Unit in Houston to proactively assist foreign companies seeking to expand into Mexico.

From Financial Institution to Regional Integrator

This is not just about banking. In the first half of 2024 alone, BBVA has supported over 40 foreign companies investing in Mexico, with a goal to reach 65 by year’s end. Our Welcome Kit, a comprehensive service offering supports firms with treasury management, regulatory guidance, supply chain integration, and tailored financial solutions.

BBVA is also contributing to strategic dialogue between business, government, and civil society aligning financial services with a broader agenda of economic integration. The bank is an active player in programs of the U.S.-Mexico Foundation, including the North Capital Forum, as well as other organizations in the ecosystem such as the Texas Association Business,and the Mexico Program at the Inter-American Dialogue,

Financing the Infrastructure of Integration

True smartshoring means making investment, expansion, or relocation decisions based on data analytics, partnerships and experience. That’s our mission, to act as much more than a lender. For smartshoring to become a reality we help firms navigate every stage of the journey. 

The smartshoring portfolio of financial solutions includes:

● Site Selection and Establishment: market advisory services, bank guarantees, MXN/USD/EUR accounts, and foreign exchange hedging.

● Supply Chain and Logistics: letters of credit, foreign trade credit, and multi-bank cash management.

● Commercialization and Distribution: export finance, FX derivatives, and refinancing of letters of credit.

This operational capacity is reinforced by BBVA’s dedicated Nearshoring Unit, which combines on-the-ground insight with institutional scale to help companies unlock the full potential of North American integration.

Aligning with Regional Strategy

In alignment with the broader goals of the Americas Partnership for Economic Prosperity, a U.S.-led initiative to strengthen regional supply chains and inclusive growth, Mexico has emerged as the pivotal link for manufacturing resilience in the Western Hemisphere. BBVA’s strategy complements this vision by helping translate ambition into operational reality on the ground.

Integration Beyond Infrastructure: Shared Values and Vision

Beyond supply chains and data flows, North American integration is also cultural. Every time a U.S. entrepreneur partners with a Mexican supplier, or a Texan factory aligns its production with a Nuevo León cluster, we reinforce a shared way of doing business, one that values trust, efficiency, and long-term vision. Smartshoring is not only economic strategy; it is the architecture of a common future.

Looking Forward: The Network Already Exists

The data speaks clearly: over 75% of the value in Mexico’s exports comes from North America. These are not Chinese goods with Mexican labels, they are the product of real regional interdependence (OECD-TiVA Estimates). What’s missing is a collective recognition of that fact and the financial tools to strengthen it. Increasing the reach of these products will benefit the North American communities and make a stronger, more integrated region.