Mexico's Petroleum-Engine Cargo Truck Exports Reach $2.3B in June 2023

Mexico

Petroleum-engine cargo truck exports from Mexico amounted to 97K units in June 2023, showing a 7% growth compared to the previous month. Overall, the trend in exports remained relatively stable, with the highest rate of growth recorded in May 2023 at 39% month-on-month. Although the exports peaked at 113K units in September 2022, they remained at a slightly lower level from October 2022 to June 2023. In terms of value, the petroleum-engine cargo truck exports reached $2.3B in June 2023, according to IndexBox estimates. The average monthly growth rate in export value from June 2022 to June 2023 was +1.2%, with notable fluctuations observed in certain months. The most significant growth rate occurred in May 2023, with a 39% increase compared to the previous month. However, from October 2022 to June 2023, the exports failed to regain momentum. The United States was the primary destination for Mexico's petroleum-engine cargo truck exports, accounting for 90% of total exports with 88K units. Exports to the United States were more than ten times higher than those to Canada, which stood at 7.4K units. The average monthly growth rate in terms of volume to the United States was relatively modest from June 2022 to June 2023. In terms of value, the United States remained the main foreign market with $2.1B in exports, comprising 90% of the total. Canada ranked second with a 7.6% share of total exports and a value of $175M. The average monthly growth rate in terms of value to the United States was relatively modest during the specified period. The export price of petroleum-engine cargo trucks from Mexico stood at $23,631 per unit (FOB) in June 2023, remaining constant compared to the previous month. Although the price experienced some fluctuation, the trend remained relatively stable. The highest growth rate in export prices occurred in January 2023, with a 29% increase month-on-month. However, from April 2023 to June 2023, the export prices did not show significant momentum. The United States had the highest export price at $23,631 per unit in June 2023, while the average price for exports to Canada was the same. The most notable growth rate in terms of prices was recorded for supplies to the United States, showing a 0.9% increase from June 2022 to June 2023.

Source: IndexBox Market Intelligence Platform

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