Mexico auto production, exports post robust growth in May

6/6/2017 Nasdaq

automobileMEXICO CITY, June 6 (Reuters) – Mexican auto production and exports rose sharply in May, the Mexican Auto Industry Association (AMIA) said on Tuesday, in a fresh sign the sector has so far coped with threats of punitive import tariffs from U.S. President Donald Trump.

Compared with a year earlier, Mexican auto output jumped in May by 17.3 percent to 327,832 vehicles, while exports climbed by 13.9 percent to 257,736 units, AMIA said in a statement.

The industry has grown rapidly in the last few years. Trump has threatened to slap hefty tariffs on vehicles made in Mexico exported to the United States, arguing that cheaper competition from south of the border has cost U.S. jobs.

Trump’s threats to begin a tariff war with Mexico helped send the country’s peso currency <MXN=> to a record low in January. However, since then, his administration has generally taken a more conciliatory tone, and the currency has recovered.

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