Mexico Industrial Output Declines for Seventh Month

Industrial production in Mexico fell by 0.8% year-on-year in November 2025, after a revised 0.3% decrease, but less than the expected 1.2% drop. This marked the eighth consecutive month of downturn in the country's industrial activity, led by manufacturing (-2.2% vs -1.2% in October) and mining & quarrying (-1% vs -0.7%). On the other hand, output increased for construction (3.7% vs 2.6%) and utilities (1.4% vs 1.9%). On a seasonal adjusted monthly basis, industrial output increased by 0.6% in November, following an upwardly revised 0.9% advance and better than analysts' estimates of no change.

Industrial production in Mexico decreased 0.4% year-on-year in October 2025, less than market expectations of a 2.4% fall and after a 2.3% drop in September. It was the seventh month in a row of decline. Output fell less for mining (-0.7% vs -3.2%), while both construction (2.5% vs -8.0%) and utilities (1.9% vs -0.1%) returned to growth. In contrast, manufacturing products fell more (-1.3% vs -0.7%). On a seasonal adjusted monthly basis, industrial output increased 0.7%, after a 0.3% decrease and beating forecasts for no change. Year-to-date, industrial activity declined 1.7% compared with the first ten months of 2024.

Mexico's industrial production slipped by 2.4% year-on-year in September 2025, following a revised 3.3% drop in August, almost aligning with analysts' estimates of a 2.3% slump. This marked the sixth consecutive month of a downturn in Mexican industrial activity, though the pace of decline eased compared with August. Manufacturing (-0.8% vs -3.1% in August), mining (-3.1% vs -6%), and utilities (-0.1% vs -1.4%) recorded milder decreases, but construction output dropped fell more sharply (-7.9% vs -3.1%). On a seasonally adjusted monthly basis, output fell by 0.4% in September, extending a 0.3% decrease in the prior month and worse than market forecasts of no change. Year-to-date, industrial output shrank by 1.8% compared to the first nine months of 2024.