In 2016, Mexican automotive trade surplus reached US$ 62.9 billion, a 1.2% decrease compared to 2015 and first fall since 2009, according to a report from El Financiero, citing figures from Banco de Mexico, the country’s central bank.
Industry analysts cited a shift in U.S. consumers taste and lower exports to Canada and Latin America as two main reasons for the decline.
“SUVs became the best platform to gain share in the U.S. market, they don’t make many of those in Mexico,” said a J.D. Power Mexico analyst to El Financiero.
Nonetheless the auto industry represented a corner stone for the economy. In 2016, 30% of the US$ 373 billion in Mexican exports, were related to the automotive sector.
Auto exports totaled US$ 113.3 billion last year, a 1.03% decrease from previous year. Meanwhile imports reached US$ 50.4 billion, 0.85% less than 2015.