Supply Chain Research

Mexico’s international trade activity declined 0.9% year over year in March, the first drop since Apr. 2017. Automotive exports to outside the U.S. were the main driver of the non-oil trade decline with a 21.3% drop coming even as shipments to the U.S. improved by 6.1%. The most exposed automakers to non-U.S. sales are Mazda – with 57.3% of exports going outside the U.S. in the 12 months to Feb. 28 – alongside Volkswagen’s 45.4%. For the industry as a whole the ratio was 30.0%. An 8.2% drop in oil prices likely drove a 4.0% decline in oil products trade. While energy imports fell more qu...