Mexico's trade flow with the world in the automotive industry registered a 1.0 percent drop in August, year-over-year, to $24.20 billion. It is the lowest figure in the last seven months, according to a SteelOrbis analysis of data from the national statistics agency Inegi.
Mexico's automotive-related exports (light vehicles, heavy vehicles and auto parts) totaled $16.36 billion, down 3.3 percent from August last year. The value of imports totaled $7.83 billion, up 4.2 percent in the period.
Data from the Mexican Chamber of the Iron and Steel Industry (Canacero) shows that the automotive industry in Mexico is the second largest consumer of steel.
In the accumulated amount to August, the value of automotive industry exports totaled $128.68 billion and imports totaled $58.17 billion, figures that represent increases of 5.2 and 10.2 percent, in the same order, compared to the January-August 2023 period.
The accumulated trade flow was $186.85 billion, 6.7 percent or $11.8 billion more than the accumulated amount from January to August of last year.
The automotive industry is historically surplus-producing, as demonstrated by statistical data from the last 30 years. In August it was $8.53 billion, 9.3 percent less, year-over-year, and the accumulated amount totaled $70.51 billion, 1.5 percent or $1.02 billion more than the January-August period of last year.