Mexico's automotive industry exports registered an annual decline of 2.5 percent, year-over-year, in November to $16.10 billion, the seventh real (inflation-adjusted) decline so far this year, according to a SteelOrbis analysis of preliminary data from the national statistics agency Inegi.
In November, the automotive industry (light and heavy vehicles and auto parts) contributed 34.3 percent of manufacturing industry exports ($47.0 billion). It also accounted for 30.9 percent of Mexico's total exports ($52.0 billion).
In the January-November period, Mexico's automotive industry exports totaled $180.0 billion, 0.7 percent or $1.2 billion more than the same period in 2023. That accumulated value is also a new historical record for that period.
Through November, the automotive industry exported $153.3 billion to the United States, representing 27.1 percent of Mexico's total exports, and $25.7 billion to the rest of the world, representing 4.5 percent of total exports.