Mexico automotive trade surplus likely reached US$ 80 billion in 2018, AMIA says
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The Mexican Automotive Industry Association (AMIA) estimated that the trade balance of the auto assembly sector reached a surplus close to the record amount of US$ 80 billion during 2018, representing a growth of around 12% compared to 2017.
The president of the organization, Eduardo Solis Sanchez, told Notimex that this result “speaks a lot about what is being done in Mexico.”
The executive said that AMIA based its estimate on the figures of the automotive sector from last January through September, where the surplus balance was more than US$ 60.8 billion, a growth of around 18%, which anticipates “that we will reach a figure close to US$ 80 billion,” he argued.
According to Solis, even if the annual result is US$ 75 billion, it would represent a new record for the industry, since it would surpass the current record of US$ 71 billion in 2017.
Last November, exports grew 6.3%, with the main market being the United States, where vehicles made in Mexico accounted for 16.6% of total sales during the month of November.
Regarding Canada, the second most important market for Mexico, exports decreased 7.3% from January through November, as a result of a drop in auto sales.
Other markets where Mexican car exports registered growth were Latin America with 8.4%, Europe with 7.4%, and Asia 1.5%.