Aerospace industry in Mexico to replicate the automotive success
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The airplane parts manufacturing industry in Mexico has the potential to replicate the success of the automotive industry, although it is still facing the challenge to increase its specialized work force and improve the capacity of local supply chain. Exports of this industry have grown 20.6% annually over the last five years and they reached an estimated value of US$7,300 million during 2015, in contrast to the US$6,400 million from 2014, according to records from the Mexican Federation of Aerospace Industries, A.C. (FEMIA). These figures have led Mexico to become the sixth supplier within the sector in US, thanks to its more competitive prices. Mexican authorities are expecting even larger growth rates for the next five years: the Ministry of Economy foresees that exports from this industry might reach up to US$12,260 million by the year 2020. Aerospace, automotive and medical supply manufacturers are the three spear tips of Mexico's development during recent years, and there is further growth ahead", said Mario Hernandez, leading Manufacturing Associate with KPMG consultants.