Automotive exports reach record figures in August

Automotive exports reach record figures in August

MEXICO – Mexico's automotive exports totaled US$15.2 billion in August, a year-on-year growth of 42.5%, registering a record for any month of the year, INEGI reported.

With a 30.1% share of Mexico's total international sales, automotive exports have progressively improved after the effects of the Covid-19 pandemic and, more recently, the global shortage of semiconductor chips.

The year-on-year growth of automotive sector sales in August was the highest in the last 15 months, since in June 2021 they grew by 859% because it was compared to the same month of the previous year, when many plants closed their operations due to the maximum worsening of the pandemic.

Driven by the automotive industry, Mexico's total merchandise exports rose by 25.2% year-over-year in August, to US$50.67 billion. Cumulatively, in the first eight months of the year, they increased by 18.9% to US$377.9 million.

Mexico's foreign trade is one of the engines of the Gross Domestic Product (GDP), growing at higher rates than the average of the rest of the sectors of the national economy.