Mexico | Signs of recovery in manufacturing in September

The BBVA Research Multidimensional Manufacturing Indicator (IMM BBVA Research) grew 3.3% YoY in September, bringing average annual growth year-to-date to 3.0%.

Key points

• Key points:
• According to INEGI activity data, manufacturing output grew 3.2% YoY in August, driven by the computer and communications equipment segment (10.9% YoY) and machinery and equipment manufacturing (6.6% YoY).
• Seven of the twenty-one activity subsectors are below their January 2026 production level, notably furniture manufacturing (-5.8%) and the printing industry (-5.5%).
• Among the segments that have most exceeded their January 2026 production level are the manufacture of petroleum products (+16.6%) and computer and communications equipment (+8.9%).
• The computer and communications equipment sector has the highest capacity utilization level (96.0% in August), while apparel manufacturing reports the lowest (58.9%).
• We expect the manufacturing recovery to continue over the coming quarters, supported by U.S. demand for AI-related inputs, encouraging capacity expansion and fixed investment.

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