Canada Remains a Net Auto Importer as Mexico's Production Surges, BMO Says

07:41 AM EDT, 09/18/2026 (MT Newswires) -- Canada is a net importer of vehicles, in contrast to Mexico, which is becoming a major auto exporter, according to BMO Capital Markets in a note. Canada produced 1.2 million vehicles over the past 12 months, compared with 3.9 million in Mexico, said BMO in a Thursday note. Yet Canada sells more vehicles domestically than Mexico, with more than 1.9 million sold versus around 1.6 million in Mexico. The figures highlight the very different roles the two countries play in North America's auto industry, said the bank. "In other words, Canada is, by far, a net importer of vehicles globally, while Mexico is a huge net exporter," wrote BMO Chief Economist Douglas Porter in the note. The distinction is becoming more relevant as reports indicate that Mexico and the US may be close to a trade and tariff agreement. The impact on Mexico's auto industry will be worth watching, particularly as Prime Minister Mark Carney cited the refusal by the United States to ease the 25% tariff on light trucks as one reason US-Canada trade talks broke down, added Porter. Cars would face a 15% tariff.