Home Business For a seventh straight month, Mexico’s auto production exports fall

For a seventh straight month, Mexico’s auto production exports fall

Mexico’s auto production and exports fell in January from a year earlier, the seventh straight monthly decline, official data showed on Friday, as COVID-19 pandemic shocks and a global semiconductor shortage weigh https://www.reuters.com/business/autos-transportation/mexicos-auto-heartland-workers-struggle-chip-shortage-bites-2021-11-24 on the flagship industrial sector.

Automotive production fell 9.09% to 253,366 vehicles, while auto exports declined 3.09% to 216,630, according to figures published by the national statistics agency (INEGI).

Since July of last year, car production and exports in Latin America’s second-largest economy have fallen every month in annual terms.

Vehicle production fell 2% in 2021 https://www.reuters.com/business/autos-transportation/mexican-auto-production-falls-second-year-running-2022-01-07 compared with 2020, the fourth consecutive annual decline, as the semiconductor shortage in recent months prompted automakers in Mexico and the rest of North America to implement rolling shutdowns, curtailing output.

Top Mexican auto association AMIA has estimated output will not return to pre-pandemic levels until late 2023 or in 2024.

Auto output also declined in 2019 and very slightly in 2018, according to INEGI’s existing historical data.

Source: El Financiero

Mexico Daily Post

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