Mexico | Manufacturing shows signs of stabilization in May

Summary

The BBVA Research Manufacturing Multidimensional Indicator grew 2.3% YoY in May, reaching an average annual growth rate of 2.4% during the first five months of the year, 4.4 percentage points above the figure recorded in the same period of 2025.

Key points

• Key points:
• The strength of manufacturing output in May was associated with a relative improvement in the automotive sector and the solid performance of segments linked to U.S. artificial intelligence value chains.
• In aggregate terms, manufacturing output stands 0.2% above its January 2025 level, although fifteen of the twenty-one subsectors still report production levels below that benchmark.
• In terms of capacity utilization, the computer and communications equipment manufacturing segment recorded the highest rate as of April (94.3%), while apparel manufacturing registered the lowest (59.5%).
• Looking ahead, we expect the rapid growth of artificial intelligence investment in the U.S. to continue supporting related sectors in Mexico, while the automotive segment is likely to experience a gradual recovery as demand in the U.S. gains momentum.

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