Automotive trade surplus hikes 17.7% during first quarter
The automotive industry established in Mexico recorded a trade surplus of US$ 18.8 billion in the first quarter of 2018, which represented a 17.7% hike compared the first quarter of 2017, the largest increase for a similar period since 2011, according to the latest figures from the Mexican Automotive Industry Association (AMIA).
The value of vehicles and auto parts exports in the first quarter of 2018 totaled US$ 33.3 billion, 15.1% more against the same period of 2017, while imports amounted to US$ 14.5 billion.
The United States contributed 85% of the automotive trade surplus, however, shipments to Europe and Latin America also increased, the AMIA said without specifying figures.
In the first quarter of 2018, Mexico had an automobile trade surplus with the United States of US$ 16 billion, which meant a growth of 14.4% against the same period last year and the largest increase for a similar period since 2014.
The value of exports of vehicles and auto parts that are sent to the United States was US$ 21 billion, 10.3% higher than that reported in the same period of 2017.
Eduardo Solis, president of the business organization, explained that this was due to the start-up of new plants such as Daimler-Nissan in Aguascalientes and an increase in the production of the Toluca plant of Fiat Chrysler Automobiles (FCA).
On the other hand, imports from the United States amounted to US$ 5 billion, 0.9% below the figure reported in the first three months of 2017.