According to the National Institute of Statistics and Geography (INEGI), Mexico’s auto exports reached 301,341 units in September 2023.
This is the highest since June 2019, pre-Covid, when 327,454 cars were shipped abroad.
September’s numbers show a 16% rise compared to last year’s, says INEGI.
Notably, this increase aligns with the onset of labor strikes at leading U.S. auto firms: General Motors, Ford, and Stellantis.
The U.S. is the main buyer of Mexican-made cars. Leading the pack, General Motors exported 61,703 cars in September.
Yet, according to a Grupo Financiero BASE report, they saw a slight 0.49% dip from the previous year
So far, in 2023, Mexico has sent 2.4 million cars overseas. This marks a 14% uptick from the first nine months of 2022.
Gabriela Siller from Grupo Financiero BASE says, “Exports in September fully returned to pre-pandemic levels and even rose 5.07% compared to September 2019.”
In the meantime, September’s car production stood at 338,899 units. That’s a 24% increase over September 2022.
Car production in the first nine months of 2023 amounted to 2,851,560 units. It’s a 13.54% increase from the same period in 2022.
“Current production rates have not only recovered but are 4.29% higher than September 2019,” Siller concludes.
Background Car Production Mexico
Mexico’s auto industry is a vital component of its economy. Cars are one of its top exports, so this rise is a positive economic indicator.
In the global landscape, Mexico stands as a key player in auto manufacturing, competing with countries like China and Germany.
These new numbers also speak to the resilience of Mexico’s auto sector amid global challenges.
For instance, supply chain issues have troubled industries worldwide, yet Mexican factories have navigated these hurdles effectively.
Moreover, the labor strikes in the U.S. serve as a contrasting backdrop to Mexico’s flourishing auto sector.
While U.S. manufacturers face disruptions, Mexico has seized the opportunity to bolster its market share.