Mexico to Limit Brazil Vehicle Exports Under Three-Year Pact
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Mexico agreed to cut car exports to Brazil by as much as 30 percent for the next three years, reversing a surge in Mexican auto shipments to Latin America’s largest economy.
Exports to Brazil, which last year reached $2.1 billion, will be capped at $1.45 billion in the year starting March 19, according to the agreement. Sales will be allowed to rise to $1.64 billion by the third year of the accord and all limits will be removed after that, Mexican Economy Minister Bruno Ferrari said yesterday during an event in Mexico City.