Exports from transportation equipment manufacturing grew by 18.3% in Querétaro
The state of Querétaro has emerged as a pivotal center for transportation equipment manufacturing in Mexico, with unprecedented growth in its exports during the year 2023. This growth not only reflects the strength of the local industry but also Mexico’s potential as a key player in the global market for automotive parts and transportation equipment. In this blog, we will delve into the impact and factors behind the 18.3% growth in transportation equipment exports in Querétaro, as well as the future outlook for the industry in the region and in Mexico as a whole.
Exponential Growth: Details and Analysis:
During the year 2023, exports from transportation equipment manufacturing in Querétaro reached an impressive value of 8,788.3 million dollars, marking an annual increase of 18.3%, according to data provided by the National Institute of Statistics and Geography (Inegi). This exceptional growth has been highlighted within the framework of the International Automotive Industry Supply Summit Mexico, where governmental and industry leaders have celebrated the fundamental role of Querétaro in the national automotive sector.
The Secretary of Sustainable Development (Sedesu) of Querétaro, Marco Antonio del Prete Tercero, noted that this subsector represented 48.2% of the state’s total exports in 2023, emphasizing its importance for the local and national economy. Additionally, he highlighted the significant impact on job creation, noting that almost a tenth of the 900,000 jobs generated by the automotive parts industry in Mexico are concentrated in Querétaro.
Likewise, emphasis was placed on the crucial role of the autoparts industry in attracting Foreign Direct Investment (FDI), with a notable 55% of investment in transportation equipment manufacturing coming from this sector. Francisco González Díaz, president of the National Autoparts Industry (INA), underscored the strategic importance of Querétaro in the automotive and autoparts industry, highlighting its potential to attract investments and lead innovative development in the sector.
Future Perspectives and Opportunities:
With Mexico solidifying its position as the fourth-largest producer of autoparts globally, surpassing powers like Germany, a promising future is envisioned for the Mexican automotive industry. González Díaz expressed Mexico’s ambition to surpass Japan for the third position, pointing to the country as a beacon for investment attraction and a center of innovation in the global automotive industry.
The Industry Supply Summit Mexico has provided an invaluable platform for generating business opportunities, with over 3,012 participating companies and an estimated 7,560 million dollars in potential business for the next five years. This event highlights the importance of collaboration and productive integration in North America, as well as the momentum towards electromobility and sustainability in the automotive industry.
To read the full article: https://www.eleconomista.com.mx/estados/Exportaciones-por-fabricacion-de-equipo-de-transporte-crecieron-18.3-en-Queretaro-20240507-0067.html