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Mexico to Become Biggest Exporter to U.S. by 2015
Last year Mexico ranked third behind Canada and Japan in the volume of vehicles shipped to the U.S.
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Last year Mexico ranked third behind Canada and Japan in the volume of vehicles shipped to the U.S. But the country is on track to surpass Japan this year and top Canada in 2015, Bloomberg News reports.
The news service notes that Mexico's auto exports to the American market more than quadrupled from 1993 and 2013, thanks to low tariffs made possible by the North American Free Trade Agreement.
IHS Automotive tells Bloomberg that Mexican-made vehicles sold in the U.S. will rise to nearly 1.7 million units in 2014 compared with 1.5 million vehicles from Japan. IHS says Mexico's shipments are likely to reach about 1.9 million next year, edging about 30,000 units above Canada.
Bloomberg notes that new factories being opened in Mexico by Honda, Mazda and Nissan this year will contribute another 600,000 units of annual capacity to the country's auto industry. LMC Automotive estimates Mexico's output will climb above 4 million units per year in 2018 from 2.9 million in 2013.
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