The Association of Manufacturers for the Automotive Industry (AFIA) revealed this Monday that automotive component exports recorded a decrease in this month of May, amounting to €1,116 million, which represents a 3.6% drop compared to the same period in 2023.
According to the data released in a statement by AFIA, this decrease “reflects a 1.5% decrease compared to the total value of national exports of goods, however, it should be noted that automotive component exports account for 16% of national exports of tradable goods, which means that for every €100 exported, €16 come from automotive components.”
In the accumulated total of the first five months of 2024, there was a 3.1% reduction compared to the period between January and May 2023, with automotive component exports reaching €5,340 million.
Europe continues to concentrate the majority of automotive component exports with 88.4%, however, it has seen a 4.6% decrease compared to the same period last year. Regarding the main destinations for automotive components, Spain remains at the top of the table with 27.8%, followed by Germany with 23.3% and France with 8.4%.
“Despite a slight expected growth in exports, we are not very optimistic about the coming times, lowering our growth expectations for 2024. Although we are in line with what is happening in Europe, there is indeed a decline in production when compared to the year 2023,” stated José Couto, resident of AFIA.
