Since 2009, foreign exchange earnings in the automotive sector had not fallen during the first half of the year.
After growing at double and even triple digits for six consecutive years, the inflow of foreign exchange into the country from automotive exports lost "gas" in the first half of this year.
The trade balance in the industry showed a positive balance by 29 billion 927 million Dollars during the first six months of 2016, i.e. 5.3 percent less than the same period last year. This slowdown is the first for a similar period since 2009, according to the latest figures published by the INEGI.
The lower trade surplus of automotive activity is due to a fall of 3.5 percent in exports and a decrease of 1.2 in imports during the reference period, which were a result of slow growth in the US economy and that could not be offset by the attractiveness of peso depreciation.
The export of automotive products could be one of the most sensitive commercial items during the US electoral process if Donald Trump was to win, due to his protectionist positions.
Since 2011, the automotive industry is the largest generator of foreign exchange for Mexico and the United States is the largest destination of shipments. In the first half of this year, exports from Mexico automotive to the US fell 3.0 percent, while the rest of the world plummeted 12.7 percent.
REMITTANCES AND TOURISM, THE "LIFESAVERS"
The main sources of foreign exchange to Mexico generally showed a downward trend, however, the rise in remittances and tourism cushioned the impact.
Income from remittances to Mexico, the third largest source of foreign currency resources, amounted unprecedented 12,848 million in the first half of this year, representing an increase of 10.1 percent year-to-year.
Meanwhile, the net inflow of foreign currency from tourism -- foreign traveler's earnings less Mexicans expenses -- totaled 5,382 million in the first six months of the year, ie, up 17.8 percent.
In contrast, foreign direct investment, considering that conducted in the country plus that one carried out by Mexican capital abroad, totaled a balance of 14, 285 million in the first six months of the year, a situation that resulted in a decrease of 11.1 percent compared to the same period of 2015, based on data from Banco de Mexico. Finally, the oil balance of Mexico, recorded a net outflow of 5,375 million dollars during the same period.
Source: elfinanciero.com.mx