Monday, On the Margin
Manufacturing; IMMEX; tequila; Mexican stock exchange; SOFIPOs; SPEI and pension funds.
Idle
Growth across Mexico’s manufacturing industry is beginning to stall. Last week, INEGI’s manufacturing survey reported a 0.4% month-over-month (MoM) contraction in production volume for January, adding to the decline recorded at the end of December 2024 (-1.7%)1.
On an annual and seasonally adjusted basis, the shrinkage in production was even more pronounced, at a 1.9% YoY contraction for the month. Employment also declined by 1.1% YoY and has now recorded 23 consecutive months of annual decreases.
The negative result at the beginning of this year was primarily due to declines in key industries such as transportation equipment and computer manufacturing, which together account for nearly one-third of the manufacturing GDP and more than half of last year’s manufacturing exports.
January’s data showed decline or unchanged production volumes for most major industries on a YoY comparison.
