Mexico. The National Auto Parts Industry (INA) estimates that production for 2024 will amount to about 125,500 million dollars, which would represent a growth of 3.1% compared to what was recorded in 2023.
In this regard, Armando Cortés Galicia, director general of the INA, mentioned that, with data from January to October of last year, the production of components in Mexico maintained the forecast of US$121,716 million for the end of 2023. This translates to an increase of around 17% compared to 2022. The final figures will be released in March this year.
The director emphasized the export profile of the auto parts industry, since 87% of the production is sold abroad and 13% is destined for the domestic market.
He also explained that, of the 35 countries that registered foreign direct investment in the auto parts sector in Mexico from 2006 to November 2023, China accounted for only 4% of the total, excluding Taiwan and Hong Kong.
In addition, he explained the importance of the United States as Mexico's trading partner and main destination for its auto parts exports, as a result of existing agreements such as the USMCA, which promote regional exchange and offer an attraction for countries seeking to invest in North America motivated by nearshoring and the production of new components for electromobility.
The director mentioned that the National Registry of Foreign Investments shows the investment of 33 companies of Chinese origin in the auto parts sector in Mexico from 2006 to November 2023, which generated an estimated value of exports to the United States of US$1,083 million in 2023, representing just 1.17% of the forecast of total exports of auto parts from Mexico to the U.S. during the past year.
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