The value of Mexico’s automotive industry trade flow increased 13.3 percent, year-over-year, in June to $23.0 billion. Exports grew 9.5 percent and imports rose 22.8 percent, according to a SteelOrbis analysis of data from national statistics agency Inegi.
Exports of the automotive industry in Mexico totaled $15.83 billion, 9.5 percent or $1.10 billion more than in the same month of 2022.
Data from the International Organization of Motor Vehicle Manufacturers ranks Mexico as the seventh largest producer of vehicles in the world. According to the National Auto Parts Industry (INA, business chamber), Mexico is the fourth largest producer of auto parts in the world.
Imports totaled $7.15 billion, up 22.8 percent or $1.23 billion from June 2022.
In the accumulated first half of the year, exports totaled $89.40 billion and imports $38.99 billion, figures that represent annualized increases of 14.2 and 22.8 percent, respectively, compared to the same period last year.
The balance of the trade balance was favorable for Mexico with a surplus of $8.68 billion, 0.6 percent more than in June last year.
The trade surplus for the semester was $50.41 billion, 8.3 percent higher than the same period in 2022. In the last three decades, the automotive industry in Mexico has maintained a surplus.