Mexico | Manufacturing Sluggishness in June

Summary

The BBVA Research Multidimensional Manufacturing Indicator (IMM BBVA Research) grew 0.3% YoY in June, 1.7 percentage points below the previous month's figure (2.0% YoY)

Key points

• Key points:
• We anticipate the sector's sluggishness will continue going forward, amid heightened uncertainty and potential adjustments to production due to ongoing changes in US trade policy.
• According to INEGI activity figures, manufacturing grew 0.1% MoM in May, representing a year-over-year growth of 1.4%.
• Considering May data, fifteen of the twenty-one subsectors report production levels below their January 2025 levels (vs. six the previous month).
• The slow growth in manufacturing adds to the weakness in the construction sector, pointing to a contraction in industrial production this year.

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