Exports of automotive components grew by 5.1% in February.

The Association of Manufacturers for the Automotive Industry (AFIA), revealed that automotive components exports reached €1111 million in February 2024, reflecting a 5.1% increase compared to the same month of the previous year. These data highlight the sector’s resilience, surpassing the 2.3% growth in total exports. According to AFIA, “automotive components exports thus reinforce their position as one of the drivers of economic growth in Portugal, accounting for 17% of the national exports of tradable goods in the second month of 2024. Regarding the accumulated value of automotive components exports since January, there is an increase of 2.8% compared to the same period in 2023, having already reached €2200 million in the first two months of 2024. Regarding the share of automotive components exports by region, Europe accounts for 89.4% of purchases, showing a 2.3% increase compared to the same period in 2023. The American continent also presents a growth of 20.9% in February compared to the period from January to February 2023, accounting for 5.6% of automotive components exports. On the other hand, the regions of Africa and the Middle East, and Asia and Oceania, which respectively have 3% and 1.9% of Portuguese automotive components exports, showed a decrease of 4.6% and 7.2% in the accumulated total until February, compared to the first two months of 2023.

When analyzing by country, Spain continues to assert itself as the main market, representing 28.9% of exports, followed by Germany, with 22.9%, and France, maintaining the third place on the podium with a share of 8.9%

“It is worth noting that the automotive components industry, despite facing challenges and unexciting scenarios for the current year, which will negatively impact companies both nationally and internationally, has found ways to maintain its competitiveness by showing itself as an extremely resilient and highly adaptable sector. However, a decrease in orders may occur, considering the decrease in consumption due to economic instability,” concludes the AFIA statement.