Morelos
Jiutepec $1.01B exports; $339M in medicaments (2024); Japan #1 historic FDI ($2.15B); Neolpharma 500M peso pharma expansion; 1.05% unemployment Q1 2025.
Morelos functions as a specialized pharmaceutical production node within Mexico's manufacturing network. Jiutepec municipality dominates with $1.01 billion in exports (2024), including $339 million in medicaments—the state's top export category. Japan leads historic FDI at $2.15 billion since 1999, followed by the U.S. ($1.83B) and Spain ($968M). Grupo Neolpharma announced 500 million pesos for expansion in Jiutepec to produce high-potency and hormonal drugs, creating 120 direct and 400 indirect jobs. Total exports reached $1.99 billion in 2024 (+3.23%), with auto parts ($248M) and fiberglass ($119M) supplementing pharmaceutical dominance. Plan México includes reactivating petrochemical complexes in Morelos. The state's proximity to Mexico City (Cuernavaca lies 85km south) enables it to function as overflow industrial capacity for the capital region. French, Japanese, and German FDI in 2024 signals continued confidence in Morelos's specialized manufacturing capabilities.