Mexico | Moderate manufacturing growth in April; mixed signals persist

Summary

The IMM BBVA Research grew 2.9% YoY in April, remaining in positive territory for the eighth consecutive month; considering the April figure, the IMM BBVA Research’s average year-to-date growth rate stands at 2.5%.

Key points

• Key points:
• Manufacturing activity in April was supported by the favorable dynamics of U.S. manufacturing segments linked to artificial intelligence, particularly computing and electronic components.
• According to INEGI, the machinery and equipment segment has accumulated 2.4% growth so far this year, in contrast with the weakness observed in the automotive industry, which shows a cumulative contraction of 6.0%.
• As of March, thirteen out of twenty-one manufacturing subsectors recorded capacity utilization levels below those observed in January 2025.
• Looking ahead, we expect stronger investment in artificial intelligence in the U.S. to continue supporting related sectors in Mexico, while more traditional industries such as automotive are likely to extend their slowdown.

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