Foreign direct investment (FDI) in the auto parts industry in Mexico totaled $746.5 million in the second quarter of the year, 196.3 percent more than the same quarter last year. For a second quarter, the amount for 2024 is the highest in the last six years, data from the Ministry of Economy, analyzed by SteelOrbis, reveal.
In the first half of 2024, FDI totaled 1.63 trillion, 15.1 percent more than the $1.42 trillion in the first half of last year. The investment amount is the highest in the last five years.
Data from the business chamber National Auto Parts Industry (INA) show that the Mexican auto parts industry in Mexico is the fourth largest in the world. In the first half of the year, production totaled $63.3 billion, 6.6 percent more than the same period in 2023.
The industry has a trade surplus of $19.53 billion, with exports of $55.25 billion and imports of $35.72 billion.
Mexico is the main supplier of auto parts to the United States with a market share of 43.0 percent, well above second-place Canada with 10.3 percent and third-largest player China's 7.6 percent.