APL Logistics reports strong results boosted by auto parts trade between Mexico, US
Singapore-based APL Logistics reported an operating profit of US$ 23.7 million in fiscal year 2016, ending March 31, boosted by its US-Mexico cross-border business serving the auto parts industry, according to the annual report (PDF) by its parent company, Japan-based Kintetsu World Express (KWE).
The favorable exchange rate for U.S. importers caused by uncertainty and a potential trade war, is driving more cross-border business between Mexico and the United States, the company said.
During the first quarter of 2017 Mexican automotive trade surplus reached US$ 16 billion, a 9.8% increase compared to same period of 2016, according to figures by the Statistics National Institute (INEGI) and the Mexican Automotive Industry Association (AMIA).
Mexican automotive exports rose 9.6% over the three-month period, totaling US$ 29 billion. Shipments to the U.S. market increased 14.2%, while exports to Central and South America went up 16.1%.
On the other hand, automotive imports reached US$ 13 billion during the first quarter, a 9.3% increase compared to the same period of 2016.