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Published on Monday, March 31, 2025

Mexico | Manufacturing shows signs of improvement in February; tariff risks remain

Summary

The BBVA Research Multidimensional Manufacturing Indicator fell (-)0.4% YoY in February, the smallest contraction since March 2024

Key points

  • Key points:
  • The data for the second month of the year points to a gradual recovery in the sector, following the disruptions to production in the US recorded in 4Q24 (derived from the hurricane season and the strike in the aeronautical industry).
  • According to INEGI industrial activity figures, manufacturing registered a (-)0.9% YoY decline in January (vs. 0.0% on average during 2024).
  • Regarding capacity utilization levels, as of January, nine of the twenty-one subsectors were still below their pre-COVID levels (compared to fifteen the previous month).
  • While the segment is showing signs of stabilization, risks remain ahead, given changes in U.S. trade policy.

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Documents and files

Report (PDF)

20250331_Manufacturing_Monitor

Spanish - March 31, 2025

Authors

SS
Saide Aránzazu Salazar BBVA Research - Principal Economist
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