The automotive export sector from Mexico increased
The automotive export sector from Mexico increased in August, positioning itself among the top four in the world.
The competition in the automotive export sector between the United States, Japan, Mexico, and China for the second position among countries with the highest global automotive exports has become tighter.
Mexico currently holds the fourth position.
The competition to climb the ranks in the automotive export sector has intensified. The United States, Japan, Mexico, and China remain closely competing for the second spot.
However, collectively, the undisputed leader is the European Union, which in 2022 had automotive exports valued at $899 billion, according to figures from the World Trade Organization (WTO).
The United States and Japan followed with exports of $138 billion and $135 billion, respectively.
Automotive export sector from Mexico
Mexico has risen and is now in fourth place, surpassing China, with automotive exports totaling $129 billion.
The automotive industry has gradually recovered from the impact of the pandemic and the Russia-Ukraine war in 2023. Despite the progress, production and export levels are still below the most recent historical highs.
The information from INEGI comes from 22 companies affiliated with AMIA, Giant Motors Latin America, and Autos Orientales Picacho.
After two years of declines and supply shortages, Mexico’s automotive sector rebounded in 2022 with an annual growth of 9.24% in production, 5.86% in exports, and 7.03% in sales.
In 2020, vehicle production and exports fell by more than 20% due to the COVID-19 pandemic, which led to the closure of the industry in the early months of the outbreak. Meanwhile, in 2021, manufacturing decreased by 2% annually due to semiconductor chip shortages, and exports only rose by 0.94%.
These numbers contribute to the overall economic growth, and Mexico continues to thrive in the automotive export sector.
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