Last year, Mexican exports grew 22.5% to US$158 billion, surpassing those of Japan and the United States, which rose 16.3% and 13%, respectively.
Mexico rose from fourth to third position among the largest automotive exporters from 2022 to 2023, according to data from the World Trade Organization (WTO).
Marginally, Mexico displaced Japan and the United States, while the European Union remained the leader and China rose from fifth to second place.
The European Union recorded exports of US$831 billion, followed by China (170 billion), Mexico (158 billion), Japan (157 billion) and the United States (157 billion).
These amounts include external sales of light and heavy vehicles, as well as auto parts and automotive components.
The Mexican automotive industry is expected to undergo rapid changes in the coming years, including advances in the production of electric and hybrid vehicles, driverless technology, co-ownership and subscription business models.
Although Mexico was practically tied with Japan and the United States in this indicator and previously remained in fourth place for a decade, its external automotive sales have shown greater dynamism among the five main competitors, with the exception of China by a wide margin.
Comparing 2023 with 2013, Chinese automotive exports grew 270%, an unprecedented speed, while the other main exporters showed the following advances: Mexico (90.4%), the European Union (25.7%), the United States (15.6%) and Japan (3.3%).
As part of the new circumstances, some manufacturers and governments have declared commitments to various electric vehicle and zero emissions goals, such as the California state executive order requiring all new passenger cars and trucks sold in the state to be electric vehicles. zero emissions by 2035.
In addition, the UK government has proposed a ban on the sale of petrol engines in new cars and vans that would come into force from 2030 and a ban on the sale of hybrid petrol engines in new cars and vans from 2035.
Other major automotive exporters during 2023 were South Korea (US$ 94,000 million), Canada (US$ 63,000 million), United Kingdom (US$ 51,000 million), Thailand (US$ 32,000 million) and Turkey (US$ 30,000 million). millions).
Overall, global automotive industry production has been turbulent in recent years due to the impacts of the Covid-19 pandemic, the global shortage of semiconductors resulting from the health emergency and other related supplies, a strike by the US union UAW , increased geopolitical challenges and the industry's transition to electric vehicles.
Industry vehicle volumes increased in 2022 and again in 2023 as global shortages of semiconductors and other related supplies eased.
PREVENT BETTER PRODUCTION
However, the auto parts company Visteon Corporation reports that international industry production volumes are expected to decrease by 1 million units, which is equivalent to approximately 90 million units produced in 2024, a volume below recent production levels. of the industry that peaked in 2017.
Visteon believes that risks related to vehicle affordability, economic uncertainty, potential geopolitical challenges, and changes in customer market share create ongoing uncertainties.
In particular, the Mexican economy depends on foreign trade with other economies, especially the United States and other economies such as China and Canada.
Mexico is an emerging market and shows significantly higher volatility from time to time compared to developed markets. It depends, among other things, on the US economy and any change in the price or demand for Mexican exports may have an adverse impact on the Mexican economy.
