Borderlands is a weekly rundown of developments in the world of United States-Mexico cross-border trucking and trade. This week: Cyberattacks rise in Mexico as cross-border trade grows; California begins construction of second Otay Mesa border port of entry; Yamato Transport launches cross-border trucking service; and Buchanan Capital Partners acquires Texas logistics warehouse.
Cyberattacks rise in Mexico as cross-border trade grows
Mexico has seen a surge in cybercrime, including ransomware, phishing, spoofing and extortion, according to the 2024 report from the LatAm Cyber Summit, and the country’s trade industry is a popular target.
Mexico averages about 298 malware attack attempts per minute, second only to Brazil (1,554 attack attempts per minute) in Latin America, the report said.
The third annual LatAm Cyber Summit took place Nov. 26-27, in Sao Paulo. It examined how organizations can protect themselves against cyberthreats using advanced tools, employee training and national strategies.
The trade industry in Latin America is the third most targeted sector for cyberattacks, accounting for 11% of incidents. Government websites were the most targeted, at 31%, followed by manufacturing, at 12%.
“Brazil and Mexico are particularly appealing for hackers due to the region’s combination of increasing digitization and generalized cybersecurity immaturity,” the LatAm Cyber Summit report said.
Hackers and cybercriminals from China, Russia and North Korea accounted for more than 77% of phishing activity in Mexico since 2020, according to a Google report released in September.
Phishing schemes are scams designed to trick users into giving information to criminals that they shouldn’t have access to.
“Extortion operations, including ransomware, multifaceted ransomware, and extortion, continue to affect organizations across regions and industries, including Mexico, leading to significant financial losses and business disruption,” the Google report stated.
The rise in cyberthreats arrives as Mexico continues to be the top trading partner of the U.S.
For the month of October, Mexico’s trade with the U.S. totaled $74.6 billion, a 2.8% increase from the same month in 2023.
It was the 10th consecutive month and 20th of the past 21 months that Mexico has been No. 1 in trade with the U.S.
Canada ranked No. 2 for trade with the U.S. at $64.3 billion in October, while China was third at $55 billion.
Mexico’s trade with the United States totaled $706.9 billion from January through October, followed by Canada at $637.1 billion, while U.S. trade with China totaled $269.2 billion.
The Port of Los Angeles was the No. 1 U.S. trade gateway in October among the nation’s 450 airports, seaports and border crossings, according to Census Bureau data analyzed by WorldCity.
The Port of Los Angeles totaled $31 billion in commerce in October, followed by Laredo, Texas, at $30.5 billion in trade and Chicago O’Hare International Airport at $29.9 billion.
As of Dec. 13, outbound truck volumes out of Laredo were up about 20% since the end of November but down about 3% week over week, according to the SONAR Outbound Tender Volume Index (OTVI.LRD).
California begins construction of second Otay Mesa border port of entry
California has launched construction on the Otay Mesa East-Otay II border crossing, which will be just south of San Diego.
Otay Mesa East-Otay II will develop a new U.S.-Mexico border port of entry 3 miles east of the original Otay Mesa port of entry. It will include 10 lanes: five for passenger vehicles and five for cargo transport. More than $1 billion has already been earmarked for construction.
“This new port-of-entry will strengthen California’s world-leading economy, create jobs, and support regional communities through trade,” California Gov. Gavin Newsom said in a news release. “California is proving that we can build strong international partnerships with Mexico — our top trading partner — to grow our economy and create jobs while prioritizing the safety and well-being of our communities.”
Mexico is California’s top export market, purchasing $33.3 billion worth of California products annually. Mexico is also California’s second-largest source of imports — totaling $61.5 billion worth of goods annually.
The Otay Mesa East-Otay II project is scheduled to be completed in 2027.
Yamato Transport launches cross-border trucking service
Yamato Transport has created a cross-border trucking service utilizing bonded transfer between airports in the U.S. and Mexico.
The service aims to eliminate the need for customs clearance procedures at the U.S.-Mexico border, the company said in a news release. Customs clearance will be handled at the destination airport.
“By reducing the turnaround time for customs procedures, this service enables fast and highly punctual cross-border transportation, supporting customers to establish optimal supply chains tailored to diverse needs,” Yamato Transport said.
The bonded trucking service was launched Thursday and links airports in Dallas, Chicago and Atlanta with Mexican airports in Monterrey, Guadalajara and Mexico City.
The service operates three to five times per week on each route and is able to accommodate charter transportation by container or consolidated transportation by pallet.
Tokyo-based Yamato Transport is a global shipping, freight forwarding and logistics company operating in 23 countries.
Buchanan Capital Partners acquires Texas logistics warehouse
Austin, Texas-based Buchanan Capital Partners (BCP) has acquired a 72,868-square-foot industrial warehouse in Laredo, Texas.
The acquisition enhances BCP’s presence in a key growth market driven by strong industrial demand, company officials said.
“With infill industrial submarkets experiencing historically high occupancy rates driven by strong leasing demand, we believe this acquisition is an ideal profile fit for our investors as consistent occupancy mitigates downside risk,” Keith Buchanan, founder of BCP, said in a news release.
The warehouse is in the San Isidro Industrial Park, near Laredo’s World Trade Bridge.
Buchanan Capital Partners is a commercial real estate investment firm.
The post Borderlands Mexico: Cyberattacks rise in Mexico as cross-border trade grows appeared first on FreightWaves.
