Mexican auto production falls for second year running By Reuters

Mexican auto production falls for second year running
© Reuters. FILE PHOTO: A carrier trailer transports Toyota cars for delivery while queuing at the border customs control to cross into the U.S., at the Otay border crossing in Tijuana, Mexico May 31, 2019. REUTERS/Jorge Duenes/File Photo

MEXICO CITY (Reuters) – Mexico auto production fell by 2% last year compared with 2020, the second annual decline in a row, as Mexico’s flagship industrial sector struggles to pull past pandemic shocks and a global semiconductor shortage, official data showed on Friday.

Auto output in 2021 declined to 2,979,276 vehicles from 3,040,178 the year before, according to figures published by Mexico’s national statistics agency (INEGI).

However, the industry did post a slight rise in exports, sending abroad 2,706,980 automobiles compared to 2,681,806 in 2020, an increase of almost one percent.

In December alone, production fell by 16.51% while exports plunged by 17.31%, marking the sixth straight month of declines.

A global semiconductor shortage in recent months has prompted automakers in Mexico and the rest of North America to implement rolling shutdowns, curtailing production.

In 2020, Mexico auto production tanked 20% compared with the prior year due to the pandemic’s hit on the economy. Mexico’s top autos association AMIA has estimated production won’t return to pre-pandemic levels until late 2023 or in 2024.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Leave a Reply

Your email address will not be published.