Mexico. The National Auto Parts Industry (INA) explained at a press conference that the production of automotive components has consolidated its growth trend at the beginning of this year, reaffirming the forecast for the end of 2024.
According to the Association, this will exceed 125,600 million dollars, which represents 3.74% growth compared to 2023, being an all-time record.
The INA mentioned that, during the month of January 2024, the production of auto parts exceeded US$10,000 million, being the highest value recorded in this month in the last six years, thus demonstrating the dynamism of the industry.
In addition, the general director of the Association, Armando Cortés Galicia, explained that "despite the fact that the traditional regions (North, Bajio and Center) are the main producers of auto parts, representing 95% of the country's production, there are other regions that are driving the growth of the sector at the national level."
The executive pointed out that an example of this growth is Yucatan, a state that has not traditionally focused on the automotive industry, although it has now shown a growth of more than 117% in the production of auto parts, comparing the periods from January 2023 to the same month in 2024.
In the same way, he mentioned the case of Zacatecas and Durango, which have grown in the same area 31.5% and 18.8%, respectively.
"This shows that the auto parts industry is an industry that diversifies and generates development for the country," he said.
In terms of exports, the association reiterated that the United States remains the main destination for the production of domestic auto parts, since about 87% is destined for that country, so the trend of being the main supplier of components to the U.S. market will continue to be consolidated. It is followed by Canada, representing 3.1% of exports, and Brazil with 2%, so Mexico maintains a trade surplus of US$3.203 billion.
Armando Cortés also explained that, from 1994 to February 2024, Mexico has received Foreign Direct Investment from a total of 1,182 companies from 40 countries, dedicated to the manufacture of vehicle parts. He highlighted the participation of the United States, with about 33% of the total, equivalent to 389 companies, Japan with 188 companies, Germany with 151 companies and South Korea with 96 companies.
