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Mexican auto parts industry could see investments of over 5 billion USD in 2020

2020-07-02    Author:   Source:Xinhua   Views:343    


Mexico auto parts.jpg

Classic cars are displayed during the inauguration of the 2015 Mexico FIA Motorex, as part of the World Motorsport Week, at Banamex Center in Mexico City, Mexico, on July 8, 2015. (Xinhua/Alejandro Ayala)


After an long, arduous road the U.S.-Mexico-Canada trade agreement (USMCA) took effect on July 1, replacing its predecessor, the quarter-century-old North American Free Trade Agreement (NAFTA).


The Mexican auto parts industry could see investments rise to over 5 billion U.S. dollars in 2020. The investments in Mexico could rise to between 6 and 8 billion U.S. dollars in 2021 after the United States-Mexico-Canada Agreement (USMCA) goes into effect, the director of Foreign Trade for Mexico's National Auto Parts Industry (INA), Alberto Bustamante, explained.


According to the official, auto parts exports could reach levels of 102 billion U.S. dollars in 2020 and 105 billion U.S. dollars in 2021, up from almost 99 billion U.S. dollars in 2019.


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