Published on Monday, April 22, 2024 | Updated on Wednesday, April 24, 2024

Mexico | The slow dynamism of manufacturing continues

The BBVA Multidimensional Manufacturing Indicator fell (-)1.2% YoY in March (the third consecutive drop so far this year), confirming the prolonged slowdown of the sector, given the gradual slowdown in external demand for durable goods.

Key points

  • Key points:
  • In March, US retail sales recorded a modest growth of 0.3% MaM (real), with declines of (-)1.1% in the automobile and appliance segments, respectively.
  • According to INEGI figures, in February the manufacturing subsectors that recorded the largest drops in production were clothing (-3.6% MaM), textile products (-3.5%), and petroleum products (-3.2%).
  • In terms of capacity utilization, ten of the twenty-one subsectors are still at levels below their pre-COVID figure (vs. eight the previous month).
  • Going forward we anticipate slow dynamism in the sector, in an context of lower external demand for durable goods, amid high interest rates and tighter financing conditions.

Documents to download



New comment

Be the first to add a comment.

Load more

You may also be interested in