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E-commerce site MercadoLibre to boost Mexico investment by 46%

By Daina Beth Solomon
·1 min read

By Daina Beth Solomon

MEXICO CITY, Feb 20 (Reuters) - Latin American e-commerce platform MercadoLibre said on Thursday it will invest $420 million this year in Mexico, its fastest-growing market, up 46% from 2019.

The Argentina-based company will focus its spending in Mexico on logistics, financial services and expanding its brands and products, said MercadoLibre's Mexico chief executive, David Geisen.

"Mexico keeps growing far above Latin America as a whole, and it's a key market for MercadoLibre this year," he told reporters at an e-commerce conference hosted by the company.

MercadoLibre's net revenue in Mexico jumped 152% last year to $275 million, Geisen said. Sales in the country rose more quickly than the company's other core markets, Argentina and Brazil, in each quarter.

Geisen said MercadoLibre has not been affected by the coronavirus outbreak in China, but that some companies that sell on the platform had reported longer wait times for products imported from China. (Reporting by Daina Beth Solomon; Editing by Dan Grebler)