The value of exports from the automotive industry in Mexico in April increased 27.7 percent, year-over-year. It is the largest increase in the last nine months and was the most dynamic of the entire Mexican economy. Sales to the United States remain in double-digit positive territory, according to SteelOrbis' analysis of preliminary data from the national statistics agency Inegi.
In April, the value of automotive exports (light vehicles, auto parts and heavy trucks) totaled $16.47 billion, a figure that represented an increase of $3.57 billion or 27.7 percent. Considering only the months of April of each year, the increase in 2024 is the second most dynamic in 14 years.
Of the large economic sectors into which Inegi divides the economy, the automotive industry was the most dynamic. Mexico's total exports grew 11.4 percent. Non-oil industries also increased 13.1 percent, agricultural industries 22.6 percent, manufacturing industries 12.9 percent, and non-automotive manufacturing industries 6.1 percent. In contrast, those that decreased were: oil companies 17.5 percent and extractive companies 3.5 percent, compared to April 2023.
In the January-April period, exports of the automotive industry in Mexico totaled $61.88 billion, 10.4 percent or $5.83 billion more compared to the January-April period of last year.
The automotive industry gained 180 basis points in Mexico's total exports, going from 29.9 percent to 31.8 percent, in the period.
In the first four months of the year, the United States received 86.2 percent of Mexican automotive exports, 240 basis points more than the market share of the January-April period of last year.
In the given period, automotive exports to the United States totaled $53.32 billion, 13.5 percent or $6.34 billion more. That annual increase far exceeded 4.1 percent of Mexico's total exports.
In addition, it contrasted with the 5.8 percent reduction in automotive exports sent to the rest of the world with $8.54 billion.