The value of Mexican automotive exports rose by 1.7pc to $10.3bn in January compared to the same month in 2020 due to a 3.4pc rise in car sales in the US.

 

However, the value of exports of manufacturing products declined by 1.5pc to $28.6bn in January, compared to the same prior-year month, the National Statistics Agency (Inegi) said in a statement without disclosing the volumes.

 

Exports of manufacturing products declined by 9.6pc in January on an annual basis due to lower demand for machinery and equipment. Steel product exports dropped by 5.4pc and non-metallic mineral products fell by 3.3pc during the same timeframe under comparison, Inegi noted.

 

Mexico’s car production fell by 15pc to 278,711 units in January, from 328,085 vehicles in January 2020, according to Inegi.

 

The country’s crude steel production decreased by 8.3pc to 16.8mn mt in 2020, from 18.3mn mt in 2019, according to the latest World Steel Association data.

 

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