In November, manufacturing exports in the automotive sector slowed down after recording double-digit annual growth rates between July and October.
According to figures from the National Institute of Statistics and Geography (Inegi), exports of vehicles, auto parts and automotive accessories were of US$ 11.9 billion, representing an increase at an annual rate of 4.74% in the 11th month of the year. This figure contrasts with the 19.85% growth registered just two months earlier––in September.
It should be noted that exports of the automotive industry represent approximately 32% of total manufacturing shipments abroad, so its dynamism is decisive in the result of the Trade Balance.
Despite the slowdown presented in November, the year of 2018 is shaping up to be better in terms of exports compared to 2017. From January to November, exports of automotive products were of US$ 129.8 billion, 12.55% more than the US$ 115.4 billion from the same period of the previous year.
Exports from the rest of the manufacturing industry followed the same deceleration behavior. In November, exports of non-automotive manufactures amounted to US$ 21.5 billion, which represents an annual growth of 3.85%, significantly more modest than those in previous months, such as the 10.44% registered in August.
Even with these results, it has also been a good year for this category, which has grown on average 7.42% in the period January-November.