Mexico's trade flow with the global automotive industry registered an increase of 29.6 percent in February, year-over-year, to $24.61 billion, the second largest increase in the last 13 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 in Mexico registered a new historical record in February with $7.96 billion, 35.8 percent or $2.10 billion more.
The value of exports totaled $16.65 billion, 26.9 percent or $3.53 billion more than the same month last year.
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 value of the first two months of the year, the value of exports from the automotive industry (light vehicles, heavy vehicles and auto parts) totaled $29.37 billion and imports totaled $13.42 billion, figures that represent annual increases of 9.9 and 18.5 percent, in the same order.
The automotive industry has historically had a surplus, as demonstrated by statistical data from the last 30 years.
In February it was $8.69 billion and the accumulated amount was $15.95 billion, figures that represented annual increases of 19.7 and 3.6 percent, respectively.