North America

The presence of the United States as the biggest consumer market in the world, its purchasing power, economic stability and access to cutting-edge innovation and technology, together with the commercial and cultural ease to set up in Mexico or Canada make this one of the most attractive regions.

A continent with room for growth for Basque companies

North America is home to one of the major economies of the world, the United States, with a strong local currency that is a benchmark on international markets, along with Canada, the tenth-largest economy in the world, and Mexico, the twelfth-largest. North America has one of the largest goods and services industries in the world, mainly in the financial sectors, with the largest banking sector globally and a highly active stock market. North America is the region that imports most from the global economy, with a strong domestic market and stable demand; however, it is one of the main exporters of high tech and energy.

After the European sanctions on Russia, both the United States and Canada have increased their energy exports (as oil or natural gas) to the EU; the North-American energy sector is expected to grow considerably in the near future. Furthermore, both North-American countries are offering huge subsidies and incentives to develop renewable energies and sustainable industries; North-American may therefore become a powerhouse in the sector. Furthermore, Mexico and Canada will benefit from the US nearshoring policies and the three countries of the region are therefore expected to show economic growth. Mexico is currently already the country with the largest number of Basque footholds in the world.

Canada and the United States will hold elections in 2024-2025; the greatest factor of uncertainty is the US elections with the already confirmed return of Donald Trump, particularly given the potential changes in the country’s foreign policy. Despite this factor, the forecasts for the North-American economy are good, mainly due to highly stable domestic demand.

As North America has curtailed its international relations with countries such as Russia or China, Europe is currently one of the region’s main trade partners. Furthermore, the main North-American industries, such as automotive and energy, are highly dependent on imported supplies, where Basque companies are extremely competitive.