Auto industry contributed with 3.7% of the national GDP in 2017
In 2017, the automotive industry in Mexico contributed with 3.7% of the national Gross Domestic Product (GDP) and 20.2% of manufacturing GDP, being the second economic activity with the highest participation in the sector, after of the food industry.
All this in accordance with the document “Knowing the automotive industry,” published by the National Institute of Statistics and Geography (INEGI, for its acronym in Spanish) and the Mexican Association of the Automotive Industry (AMIA), which aims to present the general public and national and international specialists, relevant indicators about one of the most important industries in the country.
In a statement, AMIA highlighted that, from 2010 to 2017, the GDP of the automotive industry grew 12.3% on average in real terms, increasing its importance in the national GDP and impacting 90 economic activities in the secondary sector and 70 in trade and services.
AMIA explained that the sector generated more than 800,000 direct jobs in the manufacturing of vehicles and auto parts in 2017, and one in five workers in the manufacturing industries belongs to the automotive sector.
In this way, the industry registered a surplus trade balance of US$ 71 billion last year, with 83% of the production of light vehicles for export. Thus, Mexico remained the fourth largest exporter of products in the industry, AMIA said.
– Mexico auto exports increase 5.8% from January through November, says Inegi data
– Mexican exports increase for 24 months in a row, yet trade balance results in deficit
– Production of heavy trucks hikes 15% in first nine months of 2018; exports grow 31%
– Mexico will end 2018 as fifth biggest auto parts manufacturer worldwide: INA