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Automotive Industry Boosts Mexico’s Exports

The automotive industry boosted Mexico‘s exports in February, with a favorable balance in the trade balance of 1,293 million dollars.

In particular, according to Inegi, external sales of the automotive industry registered a year-on-year growth of 31.8%, to 14,251.9 million dollars.

While Mexico’s total exports were 46,246 million dollars in February, its imports totaled 44,953.1 million.

With this, foreign sales grew at an annual rate of 27.8% and foreign purchases increased 34.2 percent.

In its two major divisions, oil exports grew 53.5%, to 2,794.5 million dollars, and non-oil exports advanced 26.5%, to 43,451.5 million.

Automotive industry

The annual increase in exports of automotive products was the result of advances of 27.2% in sales to the United States and 54.3% in those directed to other markets.

The automotive sector is one of the most important industries in Mexico, representing 20% ​​of the nation’s GDP and employing more than one million people throughout the country.

With seasonally adjusted figures, in February 2022 Mexico’s trade balance registered a surplus of 113 million dollars, while in January it presented a deficit of 2,566 million dollars.

The increase in the seasonally adjusted balance between January and February was the result of a higher balance in the balance of non-oil products, which went from a deficit of 505 million dollars in January to a surplus of 1,729 million dollars in February, and of a reduction in the deficit of the balance of oil products, which went from 2,062 million dollars to 1,616 million dollars in the same comparison.

In February 2022 and with seasonally adjusted figures, total exports reported a monthly increase of 16.03%, the result of growth of 16.18% in non-oil exports and 13.89% in oil exports.

Within non-oil exports, manufacturing presented a monthly advance of 16.71%. In turn, said rate was a reflection of increases of 34.73% in automotive exports and 9.30% in non-automotive manufacturing. About 89% of the vehicles produced in Mexico are exported, with 80% destined for the United States.

 

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