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Mexico's automotive industry reports record surplus of $10.2 billion in December

Friday, 09 February 2024 23:18:35 (GMT+3)   |   San Diego
       

The automotive industry in Mexico, one of the 10 largest in the world, registered a historical record trade surplus of $10.2 billion in December, 18.2 percent more, year-over-year. It is the first time in Mexican corporate history that this industry has a trade surplus of more than $10.0 billion, according to a SteelOrbis analysis of data from the national statistics agency Inegi.

This surplus was the result of greater dynamism in exports, with an increase of 13.2 percent, year-over-year, and a 5.7 percent increase in imports.

Exports totaled $16.2 billion in December, below the all-time record of $17.2 billion set in October of last year. Imports totaled $6.0 billion, a figure that is positioned as the lowest amount in the last 10 months.

By 2023, the automotive industry in Mexico (auto parts, light vehicles and heavy trucks) registered a historical record in all its international trade variables.

The value of exports totaled $188.9 billion, 14.3 percent or $23.7 billion more than in 2022. Imports totaled $89.9 billion, 21.6 percent or $14.4 billion more; The trade flow totaled $269.8 billion, 16.4 percent or $38.0 billion more and the trade surplus totaled $108.0 billion, 9.4 percent or $9.3 billion more than in 2022.

According to the Mexican Chamber of the Iron and Steel Industry (Canacero), the automotive industry is the second largest consumer of steel in Mexico, surpassed only by the construction industry.


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