Mexico automotive trade surplus hikes 17% in 2018, official figures show
Just as expected, in 2018, Mexico’s automotive trade balance reached a US$ 82.88 billion surplus, which represented an increase of 17.1% compared to the US$ 70.76 billion in 2017 and the highest growth that the industry has posted since 2013, according to Inegi data.
Eduardo Solis, president of the Mexican Automotive Industry Association (AMIA for its acronym in Spanish) explained that this surplus was due to the growing production in the plants installed in the country.
The executive stressed that the automotive industry operating in Mexico grew despite a complicated environment, where car sales in the United States, the main market for Mexican exports, barely grew 0.6%.
Last year the value of Mexican automotive exports was US$ 142.18 billion, a 12.2% hike compared to 2017. According to this figure, the automotive industry contributed 31.6% of the total value of exports made by Mexico in 2018.
In terms of automobiles, the United States received 74.4% of the vehicles exported from Mexico, followed by Canada with a 7.2% share and Germany with 4.4%.
On the other hand, in 2018 the value of imports from the automotive sector was US$ 59.3 billion, 6% more than in 2017.
In this regard, it should be noted that the United States is also the main external supplier of auto parts and automobiles that arrive in the country.