Economy & Business - February 2021

MEXICO: Semiconductors shortage undermines auto production

Mexico’s national statistics institute (Inegi) reported on 8 February that national vehicle production in January reached 287,711 units, 15% lower than in the same month of 2020. This was the lowest production volume in the last five years and the sharpest fall in production in January since the 2009 global financial crisis. As a result, car exports were also down last month, with only 223,533 units shipped abroad, a fall of 6.4% relative to January 2020, the largest decline in 12 years. The low production levels have been attributed to a global shortage of semiconductors, raising concerns that the auto sector will have another challenging year.

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