The S&P Global Mexico Manufacturing PMI edged up to 47.1 in February 2026 from 46.3 in January, still signaling a marked deterioration in operating conditions. The survey showed a sixth consecutive monthly decline in demand for Mexican goods. New orders fell at a softer rate, while output decreased further, at a pace that was less severe than at the start of the year. New export orders also declined, reflecting weak demand from Europe and the US, though the pace of contraction eased to a three-month low. US tariffs and currency movements were cited as key drivers of higher input costs, with inflation slowing from January but remaining historically elevated. Firms continued to pass costs on to clients, although output price inflation slowed to its weakest rate in a year. Job shedding intensified to a marked pace as firms trimmed headcounts. Meanwhile, business confidence recovered marginally, with firms turning optimistic about the year-ahead outlook after a brief period of pessimism. source: S&P Global

Manufacturing PMI in Mexico increased to 47.10 points in February from 46.30 points in January of 2026. Manufacturing PMI in Mexico averaged 50.31 points from 2012 until 2026, reaching an all time high of 57.10 points in December of 2012 and a record low of 35.00 points in April of 2020. This page provides the latest reported value for - Mexico Manufacturing PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Manufacturing PMI in Mexico increased to 47.10 points in February from 46.30 points in January of 2026. Manufacturing PMI in Mexico is expected to be 48.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Mexico Manufacturing PMI is projected to trend around 53.00 points in 2027, according to our econometric models.



Related Last Previous Unit Reference
Business Confidence 48.10 48.40 points Feb 2026
Capacity Utilization 79.80 79.80 percent Dec 2025
Auto Production YoY 311.46 303.98 Thousand Units Feb 2026
Car Registrations 50018.00 61032.00 Units Feb 2026
Changes in Inventories 33922.30 36582.60 MXN Million Sep 2025
Composite Leading Indicator 102.72 102.25 points Feb 2026
Corruption Index 27.00 26.00 Points Dec 2025
Corruption Rank 141.00 140.00 Dec 2025
Crude Oil Rigs 31.00 30.00 Feb 2026
Gold Production 5615.00 5615.00 Kg Dec 2025
Industrial Production YoY 2.40 -0.70 percent Dec 2025
Industrial Production MoM 0.20 0.60 percent Dec 2025
Manufacturing Production 1.30 -2.10 percent Dec 2025
Mining Production 0.60 -1.00 percent Dec 2025
Gross Fixed Investment YoY 0.00 -6.50 percent Dec 2025
Total Vehicle Sales 120608.00 133852.00 Units Feb 2026


Mexico Manufacturing PMI
The Markit Mexico Manufacturing Purchasing Managers’ Index measures the performance of the manufacturing sector and is derived from a survey of 400 manufacturing companies. The Manufacturing Purchasing Managers Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change. This is only a limited sample of PMI headline data displayed on the Customer’s service, under licence from S&P Global. Full historic PMI headline data and all other PMI sub-index data and histories are available on subscription from S&P Global. Contact economics@spglobal.com for more details.

News Stream
Mexico Factory Activity Drops for 6th Month
The S&P Global Mexico Manufacturing PMI edged up to 47.1 in February 2026 from 46.3 in January, still signaling a marked deterioration in operating conditions. The survey showed a sixth consecutive monthly decline in demand for Mexican goods. New orders fell at a softer rate, while output decreased further, at a pace that was less severe than at the start of the year. New export orders also declined, reflecting weak demand from Europe and the US, though the pace of contraction eased to a three-month low. US tariffs and currency movements were cited as key drivers of higher input costs, with inflation slowing from January but remaining historically elevated. Firms continued to pass costs on to clients, although output price inflation slowed to its weakest rate in a year. Job shedding intensified to a marked pace as firms trimmed headcounts. Meanwhile, business confidence recovered marginally, with firms turning optimistic about the year-ahead outlook after a brief period of pessimism.
2026-03-02
Mexico Factory Activity Remains Weak in January
The S&P Global Mexico Manufacturing PMI edged up to 46.3 in January 2026 from 46.1 in December, still signaling a marked deterioration in operating conditions. The survey showed a third consecutive monthly decline in demand for Mexican goods. New orders fell at a sharp pace, the fastest since mid-2025, while output contracted significantly, only slightly less severe than at the end of last year. New export orders also declined, reflecting weak demand from the US, though the pace of contraction eased compared to December. Tariffs were cited as a key driver of higher input costs, with inflation accelerating further and remaining well above its long-run average. Firms continued to pass costs on to clients, although output price inflation slowed to its weakest rate in ten months. Job shedding moderated to a three-month low but remained solid. Meanwhile, business confidence weakened, with firms turning pessimistic about the year-ahead outlook for only the second time in over five years.
2026-02-03
Mexico Factory Activity Contracts Sharply in December
The S&P Global Mexico Manufacturing PMI fell to 46.1 in December 2025 from 47.3 in November, the sharpest deterioration since April and the fourth month of contraction. New orders declined, with the pace of contraction accelerating to the fastest since June. Export orders also fell, extending the downturn to 22 consecutive months, with the steepest decline since July. Factory output remained on a downward trend amid weak investment, lower sales, and softness in construction and mining, with December posting the most pronounced contraction since April. Despite subdued demand, firms raised selling prices further as cost pressures persisted, with output price inflation reaching the highest level in over a year. Input cost inflation eased to its slowest pace since June but remained above the long-term average. With rising costs and weak demand, manufacturers sharply reduced purchasing activity and continued to cut employment, as existing staffing levels exceeded current production needs.
2026-01-02