Mexican automotive exports break record

Mexico’s automobile exports totaled US$15.3 billion in August. According to “Inegi”, this was an increase of 42.5% year-on-year and a record for this year.

The National Institute of Statistics and Geography (Inegi) is a Mexican governmental institution for economic and geographic data collection or development in the field of informatics.

Accounting for 30.1% of Mexico’s total international sales, automobile exports have steadily improved following the COVID-19 pandemic and, more recently, the global shortage of semiconductor chips.

The annual growth of automobile sales in August was the highest in the last fifteen months, as they rose 859% in June 2021, compared to the same month last year when many factories had closed operations due to the worsening pandemic.

Another noteworthy aspect of automotive exports in August was that their annual growth rate was the most dynamic among the main items into which Mexican foreign sales are divided.

Driven by the automotive industry, Mexico’s total merchandise exports increased 25.2% year-on-year in August to US$50.7 billion.

As a result, Mexico’s foreign trade is one of the engines of gross domestic product (GDP), showing higher growth rates than the average of the other sectors of the Mexican economy.

Conversely, Mexican imports of all products totaled US$56.2 billion in August, which increased twenty-seven percent year-on-year and represents an all-time high for any month of the year.

The most significant increases were registered in exports of motor vehicles (42.5%), iron and steel products (38.7%), machinery and specialized equipment for various industries (32.4%), food, beverages, and tobacco products (21.8%), and electrical and electronic equipment and appliances (8.4%).

With information from Latina Press

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