Mexico Auto Parts Sector Grows 3.22% in 2024

Mexico’s auto parts production increased by 3.22% during the first nine months of 2024, positioning the industry to achieve a total output of US$124.4 billion by year-end, according to a press release.

In addition to production growth, Mexico recorded a US$26.38 billion trade surplus in auto parts, driven largely by exports to the United States and Canada. Mexico remains the leading supplier of auto parts to the U.S., accounting for 43% of total imports in this category. 

“This performance reflects the strength of supply chains that have been built over decades under deep integration frameworks”, said Gabriel Padilla Maya, Director General, National Auto Parts Industry (INA).

While other countries, such as China, play a significant role in supplying auto parts to the United States and Canada, Mexico’s reliance on China remains minimal. Padilla Maya noted that Mexico accounts for just 0.6% of foreign direct investment (FDI) in the US and Canadian auto parts sectors, compared to China’s shares of 93.6% and 5.8%, respectively.

“These figures confirm Mexico’s position as a reliable strategic partner in North America,” Padilla Maya added.

Looking ahead, Padilla Maya forecasted that Mexico’s auto parts industry will produce US$127.5 billion in 2025, with exports reaching US$110.93 billion and a favorable trade balance of US$39.16 billion. Exports to the United States are projected to total US$96.5 billion.

He also highlighted the sustained growth of electric parts production, particularly wiring harnesses, which lead national production at 19.55%.