The value of exports from the automotive industry in Mexico decreased 2.7 percent, year-over-year, in April, totaling $12.90 billion. That amount ranks as the second lowest in the last 15 months, according to a SteelOrbis analysis of data from national statistics agency Inegi.
The automotive industry, one of the largest consumers of steel, is the main engine of economic growth in Mexico. In April, it contributed 27.9 percent of Mexico's total exports, which is five times the value of oil exports from the state company Pemex.
In March, the maximum historical value of automotive exports from Mexico was registered at $16.43 billion.
According to information from Inegi, the United States remains the main destination for Mexican automotive exports, absorbing 89.7 percent of the total.