Mexico's trade flow with the world in the automotive industry registered an increase of 1.7 percent in May, year-over-year, to $25.55 billion, a figure that was a new historical record, driven by exports that are also a historical record, according to a SteelOrbis analysis of data from the national statistics agency Inegi.
Exports contributed 69.4 percent of the total automotive flow in May. The light vehicle, heavy vehicle and auto parts industries exported $17.72 billion, 1.1 percent more than the fifth month of last year.
The value of imports related to the automotive industry totaled $7.82 billion, 2.9 percent more, year-over-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 January-May period, the three variables; exports, imports and trade flow, registered new historical records. Exports totaled $70.60 billion, imports $35.87 billion and the trade flow $115.47 billion, figures that represented annual increases of 8.2 percent, 12.6 percent and 9.5 percent, respectively.
The automotive industry has historically had a surplus, as demonstrated by statistical data from the last 30 years. In May it was $9.90 billion and the accumulated amount was $43.74 billion, figures that represented annual increases of 23.1 and 6.4 percent, respectively. The accumulation is also a historical record.
The automotive industry is the largest generator of foreign currency for the entire Mexican economy.