Automotive industry led growth in exports last year. Automotive industry led the growth in exports.

Exports hit record of $410 billion last year

They were up 9.5% over 2016, the biggest increase since 2011

Last year was a good one for trade as exports reached a record US $409.5 billion.

Exports grew 9.5% over 2016, the highest growth rate since 2011, and reduced Mexico’s trade deficit to $10.88 billion, the smallest in three years.

Imports were up 8.6% to $420.37 billion.

Exports of manufactured products were up 8.5%, for a total of $364.5 billion led by the automotive industry, which saw double-digit growth of 11.8%. Agricultural exports were 8.9% higher at $15.97 billion.

In comparison, the export of all other manufactured goods grew by 6.8%.

The figures were reported by the National Institute of Statistics and Geography (Inegi) and the Bank of México, which said that between January and November last year, automotive exports represented 35% of all manufactured goods exported.

Machinery, specialized equipment and other metal products represented 23% of the total.

Appliances were 20% while food, beverages and tobacco represented 5% of all exports.

Source: Televisa (sp), Fox Business (en)

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