The value of exports from the automotive industry in Mexico grew 35.7 percent, year-over-year, in July to $15.95 billion, a new historical record for a sixth month of the year. With that, its share of Mexico's total exports increased from 25.4 to 33.5 percent, according to SteelOrbis' analysis of preliminary data from the national statistics agency Inegi.
The annual increase of 35.7 percent of the value of exports of the automotive industry installed in Mexico contrasts with the 2.9 percent annual increase of the country's total exports in July with $47.55 billion.
The automotive industry exceeded its contribution of one third of total manufacturing exports. In July 2022 the industry contributed 29.1 percent and in the same month of 2023 it contributed 37.2 percent. Stripping out the effect of the auto industry, non-auto manufacturing exports decreased 5.2 percent to $26.95 billion.