Mexican manufacturing exports grew by 4% in 2023
Mexican manufacturing exports grew 4% in 2023 over 2022, totaling 538.838 billion dollars, according to data from the Bank of Mexico.
What does the manufacturing sector comprise? Establishments dedicated to the mechanical, physical or chemical transformation of materials, substances or components into new products.
After falling from $411 billion to $374 billion from 2019 to 2020, manufacturing exports from Mexico increased from $436 billion to $508 billion from 2021 to 2022.
Establishments in the manufacturing sector are often described as plants, factories, or mills and characteristically use motorized machines and material handling equipment.
However, establishments that transform materials or substances into new products manually or at the worker’s home and those engaged in the sale to the general public of products made on the same premises where they are sold may also be included in this sector.
In order to clarify this last point, examples of such manufacturing activities are bakeries, confectioneries and custom tailors,
In relative terms and at year-on-year rates, Mexican manufacturing exports grew 3.4% in 2019, fell 8.9% in 2020 and increased in the following two years, 16.7% in 2021 and 16.6% in 2022.
Manufacturing exports
Mexico’s manufacturing industry has experienced significant growth in recent decades, driven by the implementation of trade agreements, geographic proximity to the United States and the presence of regional supply chains.
Some of the key manufacturing export sectors in Mexico include: automotive, electronics, aerospace, electrical, household appliances, food, chemicals and steel.
Of total manufacturing exports in 2023, those corresponding to the automotive sector totaled US$189 billion, with a growth of 13.3% compared to 2022.
The remaining 340 billion dollars were non-automotive exports and registered a decrease of 1.0%, at an annual rate.
Among the main manufacturing companies established in Mexico are FEMSA, General Motors, Grupo Bimbo, Alfa, Cemex, Stellantis and Grupo Lala.
What was the beginning? Before the arrival of Europeans, indigenous civilizations in Mexico, such as the Aztecs and the Mayans, had advanced skills in textile manufacturing, ceramics, metallurgy and construction.
