The trade flow value from the world's seventh-largest vehicle producer, Mexico, increased 32.7 percent, year-over-year, in July to $22.2 billion. Exports grew 35.7 percent and imports increased 25.5 percent, according to a SteelOrbis analysis of data from the national statistics agency Inegi.
Exports from the automotive industry in Mexico totaled $15.95 billion, 35.7 percent or $4.20 billion more than the same month last year.
Data from the International Organization of Motor Vehicle Manufacturers places Mexico as the seventh largest producer of vehicles in the world. According to the National Auto Parts Industry (INA, business chamber), Mexico is the fourth largest producer of auto parts in the world.
Imports from the automotive sector in Mexico totaled $6.28 billion, 25.5 percent or $1.28 billion more compared to July 2022.
In the accumulated seven months until July, new historical highs were recorded for exports, imports and overall international trade flow. Accumulated exports totaled $105.35 billion, imports $45.27 billion and trade flow $150.63 billion, figures that represent annualized increases of 17.0, 23.0 and 18.8 percent, respectively, compared to the January-July period last year.
In July, the balance of trade was favorable for Mexico with a surplus of $9.67 billion, 43.3 percent more than in July of last year. In the accumulated seven months, the surplus was $60.08 billion, 12.7 percent more.
In the last three decades, the automotive industry in Mexico has maintained a trade surplus.