Mexican auto industry registers strong exports in November

13:31, December 14, 2010      

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Mexican auto exports registered a 24.7 percent increase and a 17.5 percent increase in production year on year in November, the Mexican Automotive Industry Association (AMIA) said in a statement Monday.

Auto export has become one of the key factors behind Mexico's 2010 export boom, accounting for more than 19.5 billion dollars, more than traditional sectors like oil, tourism and remittances.

More than 168,000 vehicles were exported in November, and the total number in the first 11 months of 2010 has surpassed 1.7 million. This number is nearly 58 percent more than that of 2009, when the auto market was unusually depressed, and 10.3 percent more than the same period in 2008, when the worldwide recession was just beginning to have an impact.

AMIA said some of the export growth comes from companies which moved manufacturing to Mexico during the recession.

The United States remains the largest importer of Mexican vehicles, making up almost 69 percent of the total, with the rest of Latin America only accounting for 10.6 percent and Canada for 7.8 percent.

Mexico's economy is growing, and has recovered the formal jobs lost during last year's steep recession. However, consumer confidence remains low when it comes to buying new expensive goods.

Source:Xinhua
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