Mexico’s Automotive Exports Increase by 31.8 PercentBy Sofía Garduño | Mon, 03/28/2022 - 16:24
Mexican foreign trade saw a US$1.29 billion surplus during Feb. 2022, with non-petroleum exports increasing by 26.5 percent in non-petroleum exports, according to an INEGI report. During the month, automotive exports amounted to US$14.25 billion, which represents an annual variation of 31.8 percent.
“In Feb. 2022, total merchandise exports increased 27.8 percent compared to the same period during 2021, exports to our main trade partner, the US, grew by 24.8 percent and automotive exports to this country increased by 27.2 percent,” said Luz María de la Mora, Mexico’s Foreign Trade Minister.
Despite February’s trade surplus, Mexico’s trade had a US$4.99 billion deficit during the first two months of 2022. The increase in exports is the eleventh annual increase in a year and the highest since Jun. 2021. On the other hand, imports increased 34.2 annually during the same period, which is the twelfth increase since Aug. 2021, as reported by SHCP. Non-petroleum exports increased by 26.5 percent and imports by 33.0 percent. Regarding imports, there was a monthly increase of 3.27 percent in consumption goods and a 10.87 percent in intermediate goods.
Between Jan. 2022 and Feb. 2022, automotive exports increased by 6.2 percent year-over-year, for a total of US$22.5 billion. Between Jan. 2022 and Feb. 2022, most automotive exports were directed to the US. While in Feb. 2022 there was an annual variation of 27.2 percent in automotive exports to the US, during Jan. 2022 a negative variation of 18.5 percent was reported.
Between Jan. 2022 and Feb. 2022, 95.3 percent of the 25,020 heavy vehicles exported headed to the US, as reported by INEGI. US goods imports from Mexico totaled US$358 billion in 2019. Vehicle imports have amounted to US$101 billion during the first two months of 2022, according to the US Trade Representative Office. In 2020, Mexico was the US’s second largest trading partner, reaching US$538.1 billion, just after China with US$560.1 billion, as reported by SRE.
During the month, exports of manufactured products amounted to US$40.64 billion, a 27.7 percent year-over-year increase. These numbers are attributed, among other factors, to the 27.2 percent increase in sales of automotive products to the US.