Tuesday, February 17, 2015

Trade Surplus from Auto Exports Exceeds That from Oil, Tourism & Remittances

by Murry Page
17 Feb 15
mazmessenger.com

According to information from México’s central bank, Banco de México (Banxico), in 2014 the country’s trade balance realized from remittances by nationals living in foreign countries totaled $23.607 billion, tourism generated a trade balance of $6.601 billion and the trade balance from oil was $1.490 billion. During the same year the trade balance realized from México’s export of vehicles made in México was $49.656 billion, up 14.3 percent from a year earlier and almost $18 billion more than the combined trade surplus of $31.698 billion generated by remittances, tourism and oil.

In 2014 México’s automotive sector recorded exports of $84.258 million, 11.2 percent more than the $75.795 million exported in 2013. The 2014 exports were the highest in the history of the automotive sector.

The dollar value of México’s automobile imports also exceeded the 2013 levels by 7 percent with a total value of $34.602 million.

Eduardo Solis, president of the Mexican Association of the Automotive Industry (AMIA), said “The growth the country’s automotive industry has experienced in production and exports has been spectacular.”

He added that it is predicted that by 2017 México will manufacture 4 million cars a year and 5 million cars a year by 2020.

Currently México ranks as the seventh largest producer of vehicles globally and the fourth largest exporter and the largest supplier of imported cars in America.

(from El Financiero)

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