Mexico's trade flow with the world in the automotive industry registered an increase of 29.3 percent in April, year-over-year, to $24.65 billion, the third largest increase in the last 15 months. Imports registered a new historical record, according to an analysis by SteelOrbis of data from the national statistics agency Inegi.
Imports related to the automotive industry (light vehicles, heavy vehicles and auto parts) in Mexico registered a new historical record in April with $8.18 billion, 32.7 percent or $2.06 billion more, year-over-year.
The value of exports totaled $16.47 billion, 27.7 percent or $3.57 billion more than April 2023. Considering only exports for the fourth month of the year, 2024 recorded a new high.
Data from the Mexican Chamber of the Iron and Steel Industry (Canacero) show that the automotive industry in Mexico is the second largest consumer of steel.
In the accumulated four months of the year, the value of the commercial flow of the automotive industry totaled $89.93 million, 12.0 percent or $9.6 billion more compared to the January-April period of last year.
Exports totaled $61.88 billion, up 10.4 percent or $5.8 billion. Imports totaled $28.04 billion, 15.7 percent or $3.8 billion more in the analysis period.
The automotive industry has historically had a surplus, as demonstrated by statistical data from the last 30 years. In April it was $8.30 billion and the accumulated amount was $33.84 billion, figures that represented annual increases of 23.1 and 6.4 percent, respectively.
The automotive industry is the largest generator of foreign currency for the entire Mexican economy.