Mexican auto exports to the United States failed to reach their pre-Covid-19 pandemic level in 2021, according to data from the Commerce Department. From January to November 2021, these sales were for 117,431 million dollars, a fall of 7.1% compared to the same period in 2019, so, regardless of the December result, they will not be able to fully recover from their 2020 decline.
According to a report from the Treasury Department, supply chain bottlenecks continue to push up the prices of some goods; In particular, inflation rates for new and used cars rebounded in October as semiconductor shortages continued to constrain companies’ ability to replace tight inventories and meet demand in the United States.
The lack of semiconductor chips is the main obstacle that hinders the growth of Mexican automotive exports.
In a breakdown, in the first 11 months of 2021 and compared to the same period of 2019, Mexico’s exports of cars had a decrease of 24.3% (totaling 25,659 million dollars), those of heavy vehicles decreased 1.5% (34,655 million) and those of auto parts contracted 0.4% (57,117 million).
Mexican sales of this sector to the US market have an outstanding contribution: they comprise 26.3% of total exports of products from Mexico to the world.
roberto.morales@eleconomista.mx
