Vehicle production accelerates Mexico's recovery

In the first quarter of this year, total production in Mexico averaged 174,147 vehicles a month, just 0.6% below 2008's record levels. The vehicle production figures make it very clear that exports are behind Mexico's stronger than expected recovery. Production of vehicles for export averaged 144,574 a month, 4.2% above 2008 levels; average monthly production for the domestic market was 14.7% less than in 2008.

Before the crash, exports drove the growth of vehicle production. In 2005, production for export accounted for 74.3% of total vehicle production. That percentage has grown steadily. Even last year when vehicle exports plunged 26.3%, exports' share of total vehicle production rose 2.2 percentage points, to 81.4%. In the first quarter of this year, exports' share was 83.0% of total vehicle production.