Mexico | Manufacturing ends 2025 with signs of recovery

Summary

The BBVA Research Manufacturing Multidimensional Indicator (BBVA Research MMI) grew 4.0% YoY in December, maintaining the pace observed in the previous month; in 2025 it records an average year-over-year variation of -0.2%, 2.3 pp above that observed in 2024.

Key points

• Key points:
• The improvement in production in December materialized amid a gradual recovery in demand for vehicles and auto parts in the U.S.
• According to INEGI data, manufacturing activity grew 0.5% MoM in November, the highest monthly increase since April.
• In terms of capacity utilization, the sectors that stand out for exceeding their January 2025 levels are petroleum products, computer and communications equipment, and leather products.
• A gradual improvement in the manufacturing sector is expected in 2026, driven by the resilience of private spending in the U.S. and the advance of sectors linked to investment in artificial intelligence in the U.S.

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