The aerospace industry trade balance in Mexico has shown significant fluctuations over the past decade. By 2023, the trade balance stood at $1350 million USD. From 2013 to 2022, the aerospace industry experienced periods of both decline and growth. Notable years include substantial decreases in 2020 by nearly 44% and impressive rebounds in 2022 with a 54.76% increase. The last two years saw a considerable recovery with an increase of 13.6% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years is forecasted to be around 2.5%, with an expected growth rate of 13.15% by 2028.
Future trends to watch for include:
- Technological advancements and their impact on production efficiency.
- Global economic conditions influencing demand for aerospace products.
- Government policies and investments in aerospace infrastructure.
- The ongoing effects of the COVID-19 pandemic recovery on the aerospace sector.
- Competitive dynamics within the North American region.