UPDATE: Mexico's February Auto Production, Exports Plunge
10 März 2009 - 7:32PM
Dow Jones News
Mexico's auto production and exports slumped for a second
straight month in February as the industry continued to feel the
effects of declining demand in key markets.
The Mexican Auto Industry Association, or AMIA, said production
last month fell 38% from February 2008 to 107,547 units, following
a 51% year-on-year drop in January.
Exports in February were down 45% to 77,833 units, after falling
57% in January.
"This is the worst two months since 1995, when our country was
in crisis," said Eduardo Solis, president of AMIA, at a press
conference.
"But back then, we had the escape route of trade, the
international markets," Solis said. "The serious problem that
durable goods have at this moment is that there is no international
market."
Mexican auto makers continued to suffer from falling demand in
the U.S., Europe and in the domestic market.
Domestic new car sales, punished in recent months by a credit
tightening, fell 29% in February from the year-ago month to 61,578
units, after falling 28% in January.
Meanwhile, exports to Mexico's main market, the U.S., fell 47%
last month to 53,196.
Data through the first two months of the year show Mexico, which
gained market share in the U.S. in 2008 even as demand fell, was
one of the worst-performing auto exporters to the U.S.
While U.S. demand fell 39% in January and February from the
year-ago period to 1.34 million, Mexican auto exports to the U.S.
were down 52%, compared with a 30% drop in Japanese exports and a
24% drop in German exports.
"The global auto industry is continuing in one of its worst
crises," AMIA said.
-By Paul Kiernan, Dow Jones Newswires; (5255) 5001 5726;
paul.kiernan@dowjones.com