Automotive goods account for 31% of Mexico’s exports in August and throughout the year
Mexico exported goods worth US$39.5 billion last August, of which 31.6% were manufactured by the automotive industry, equivalent to US$12.5 billion, according to the latest data from the National Institute of Statistics and Geography (Inegi). During the eighth month of the year, exports of vehicles and auto parts grew 11.8% compared to the same period in 2017, which represents four months in a row of increases.
In the first eight months of the year Mexico exported goods worth US$295.3 billion, which represents an increase of 11.3% compared to the same period of 2017. Of the total exports, the automotive industry contributed with US$91.9 billion, or 31.1%. It should be noted that, since January 2014, automotive exports account for more than 25% of total.
Of the US$39.5 billion exported in August, 57.4%––equivalent to US $22.7 billion––corresponded to manufacturing goods, but not of automotive nature; this figure represented a growth of 6.8%. Between January and August, non-automotive manufacturing exports totaled US$167.2 billion, which represented 56.6% of the total and a growth of 7.6% compared to the same period from last year.
Among the main non-automotive manufacturing goods exported by Mexico are aerospace components, consumer electronics, TV screens, data processing units, telephony items and cable systems, as well as medical instruments and devices.
During August, the export of petroleum products was of US$2.7 billion, which represented approximately 6.9% of the total and a growth of 47.2% compared to last year, when the national oil industry was partially halted by the presence of hurricanes.
In the eighth month, exports of precious metals, mainly comprised of gold and silver, also showed double-digit growth, increasing 10.3% compared to the same month of 2017. However, these exports represented just 1.3% of the total, equivalent to US$510 million.
Finally, agri-food exports totaled US$1.02 billion in August, which represented 2.6% of the total and a drop of 7.4% compared to the same month last year.