Mexico ranks 3rd among the world’s largest automotive exporters

MEXICO - Mexico climbed from fourth to third place among the largest automotive exporters from 2022 to 2023, according to data from the World Trade Organization (WTO).

Marginally, Mexico displaced Japan and the United States, while the European Union remained the leader and China climbed from fifth to second place.

The European Union recorded exports of US$831 billion, followed by China (US$170 billion), Mexico (US$158 billion), Japan (US$157 billion) and the United States (US$157 billion).

These amounts include foreign sales of light and heavy vehicles, as well as auto parts and automotive components.

The automotive industry is expected to undergo rapid change in the coming years, including advances in the production of electric and hybrid vehicles, driverless technology, co-ownership and subscription business models.

While Mexico was virtually tied with Japan and the United States on this indicator and previously ranked fourth for a decade, its external automotive sales have shown greater dynamism among the top five competitors, with the exception of China by a wide margin.

Comparing 2023 with 2013, Chinese automotive exports grew 270%, an unprecedented speed, while the other main exporters showed the following advances: Mexico (90.4%), the European Union (25.7%), the United States (15.6%) and Japan (3.3 percent).

Mexico is an emerging market and exhibits significantly greater volatility from time to time compared to developed markets. It is dependent, among other things, on the U.S. economy and any change in the price of or demand for Mexican exports can have an adverse impact on the Mexican economy.