The Mexican automotive industry closed the first half of 2024 consolidating its position as the largest generator of foreign exchange for the country, surpassing key sectors such as remittances and tourism. According to the Mexican Automotive Industry Association (AMIA), exports of light vehicles during this period reached 95 billion dollars, which represented 17% more foreign exchange than those generated by remittances and tourism combined. The industry, which has been growing steadily since 2021, is currently responsible for almost 30% of the country's foreign exchange.

Production

In terms of production, 378,583 vehicles were manufactured in September 2024, an increase of 11.7% over the same month of 2023, making this month the best September in the history of the Mexican automotive industry. In addition, the cumulative figure for January through September exceeded 3 million units produced for the first time, consolidating Mexico's production capacity in the region. With this figure, Mexico has not only maintained its position as the leading vehicle producer in Latin America, surpassing Brazil, but has also confirmed its role as a key player in global production.

Exports

In terms of exports, the automotive industry continues to set records. In September, 315,706 units were exported, representing a 4.8% growth compared to the same month of the previous year. The accumulated exports between January and September 2024 showed a 7.0% growth, reaching a trade surplus of 52,068 million dollars.

Looking ahead, AMIA estimates that Mexico could reach production of 4 million vehicles by the end of 2024, a historic milestone that will reinforce its position as one of the world's leading automotive hubs. This expansion of the sector has been driven, in part, by the growing demand for electric and hybrid vehicles, allowing Mexico to be at the forefront of new global trends.