FX.co ★ Mexican Auto Exports Plunge as US Tariffs Weigh on Shipments

Mexico’s automobile exports dropped 17.9% year on year to 258,137 units in October 2026, the sharpest annual decline since October 2021, as US tariffs continued to weigh on the country’s automotive sector. The downturn comes amid ongoing US–Mexico trade negotiations, with Mexican-made vehicles still subject to a 25% US tariff, although adherence to North American content rules can lower the effective rate to about 10%–12%. Despite some progress in bilateral talks, no deal has yet been reached on key issues, particularly the lifting of US Section 232 tariffs on steel, aluminum, and automobiles. By manufacturer, exports fell most dramatically at Mercedes-Benz (-100%), followed by General Motors (-47.2%), Mazda (-32.5%), and BMW (-23.1%), while Ford, Stellantis, and Volkswagen also posted significant declines in overseas shipments.