The value of the trade flow of Mexico’s automotive industry, the seventh largest producer of vehicles in the world, increased 14.7 percent, year-over-year, in August to $24.44 billion. Exports grew 11.0 percent and imports increased 23.8 percent, according to a SteelOrbis analysis of data from the national statistics agency Inegi.
Exports from the automotive industry in Mexico totaled $16.92 billion in August, 11.0 percent or $1.68 billion more compared to the same month in 2022. Imports totaled $7.51 billion, 23.8 percent or $1.44 billion more compared to August 2022.
In the accumulated eight months of the year, exports totaled $112.28 billion and imports $52.79 billion, figures that represent annualized increases of 16.1 and 23.3 percent, respectively, compared to the same period last year.
The balance of the trade balance was favorable for Mexico with a surplus of $9.41 billion, 2.5 percent more than in August of last year.
The accumulated trade surplus was $69.49 billion, 11.2 percent higher than the same period in 2022. In the last three decades, the automotive industry in Mexico has maintained a surplus.