The report presents the industrial sectors that have the highest growth potential due to Nearshoring in a 3 to 5 year timeframe.

"It is important to mention that we did not explicitly include construction and real estate (industrial parks) even though they are also likely to be among the main beneficiaries, as well as what could be observed in transportation, warehousing, logistics and a myriad of services," it says.

Therefore, the report adds, this list is not intended to be exhaustive of the potential opportunities for this major paradigm shift:

• Machinery and equipment

• Electrical and electronic devices

• Pharmaceutical and medical devices

• Automotive

• Aerospace

• Basic Metals

• Agriculture and Agribusiness

• Chemicals and Plastics

• Apparel and other accessories

• Furniture

• Toys

The document refers that, in order to measure its magnitude, the period from 1995 to 2001 was taken as a reference, when non-oil exports grew at a real compound annual rate of 12.9%.

"We believe that in this period the positive shock of the entry into force of NAFTA was more clearly reflected, since competition with China increased after its entry into the World Trade Organization in 2001 (when offshoring accelerated)," the document explains.

It adds that, a five-year period and an average inflation of 2% per year (consistent with the Fed's target) was assumed to express the figures in nominal terms.

"Our basis for comparison is the almost 539 billion dollars of total non-oil exports in 2022," the report refers.

Although this was the base scenario, the financial group adds, it is important to warn that there is a strong uncertainty about the assumptions, dynamics and possible effects of Nearshoring.

"Especially because more and more companies have joined with investment announcements, but with an uncertain horizon as to how soon they could bear fruit. Therefore, it implies a wide range of possible results and the need to be very cautious," the information details.

It adds that, based on the above, it estimates a range between 84,000 and 300,000 million dollars in the same five-year period, also consistent with the sensitivity analysis.