Mexico's Auto Exports Fall 12% in September on U.S. Tariff Impact

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Summary · why it matters

Mexico's auto export volumes fell 12% year-on-year in September, the largest drop since December 2025, according to data released on the 8th by the National Institute of Statistics and Geography. Analysts attribute the decline to the impact of tariff policies imposed by the United States, Mexico's largest market. Monthly production fell 15%, while domestic sales rose 8%, helping to cushion the blow to the auto manufacturing industry, the country's largest industrial sector. Government officials are pushing ahead with a review of the United States-Mexico-Canada Agreement, and Mexican-made vehicles are still subject to a 25% tariff even as negotiations continue. Mexican authorities estimate that the burden would be reduced to 10-12% if rules requiring the use of North American parts are complied with. Janet Quiroz, director of economic analysis at brokerage Monex, noted that "the September data is more a warning sign than a sign of crisis. If this trend continues through 2027, we may be discussing a more structural problem for Mexican manufacturing." U.S. auto giant General Motors announced last year a $4 billion investment plan to shift some production from Mexico to the United States in response to volatile tariff policy. Along with General Motors, Ford Motor and Nissan also saw sharp declines in exports in September, while South Korea's Kia, Germany's BMW and Mazda increased exports and filled the gap. Mazda in particular more than doubled its exports year-on-year. Mercedes-Benz closed its joint venture plant with Nissan last May, and in September recorded zero production and zero exports for the first time since it began overseas shipments eight years ago. The Mexican Automotive Industry Association stressed at a press conference on the 8th that Mexico remains the largest foreign supplier of automobiles to the United States. According to the association's data, exports to the United States fell 5% in the January-September period of 2026, while exports to Canada, Mexico's second-largest market, rose by just over 9%.

Impact on assets 7

Electrification & Mobility± Mixed
General Motors Company
GM
▼ NegativeTariffrelevance

GM's exports fell sharply in September and it is shifting production from Mexico to the U.S. in response to volatile tariff policy.

Kia Corp
000270
▲ PositiveCompetitionrelevance

Kia increased exports in September and helped fill the gap left by falling Mexican exports from GM, Ford and Nissan.

Nissan Motor Co., Ltd.
7201
▼ NegativeTariffrelevance

Nissan saw sharp declines in exports in September amid the U.S. tariff impact on Mexican auto exports.

Mazda Motor Corp.
7261
▲ PositiveTariffrelevance

Mazda more than doubled exports year-on-year, filling the gap left by tariff-hit rivals.

Ford Motor Company
F
▼ NegativeTariffrelevance

Ford saw sharp declines in exports in September amid the 25% U.S. tariff on Mexican-made vehicles.

Mercedes-Benz Group AG
MBG
▼ NegativeTariffrelevance

Mercedes-Benz closed its Nissan JV plant and recorded zero production and exports in September amid the tariff-hit export slump.

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