Mexico Industrial Output Unexpectedly Shrinks

Industrial production in Mexico fell by 1.1% year-on-year in January 2026, following a 2.4% rise in the prior month and defying analysts' forecasts of a 1.7% increase. Manufacturing slipped by 3%, after a 1.3% rise in the prior month, with notable declines seen for transport equipment (-9.5%); basic metals (-8.3%) and apparel (-7.7%). On the other hand, output grew for construction (4% vs 6.6%); mining & quarrying (0.8% vs 0.6%) and utilities (0.4% vs 3.9%). On a seasonal adjusted monthly basis, industrial output declined by 1.1%, after a downwardly revised 0.1% rise in the previous 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.