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. source: S&P Global

Manufacturing PMI in Mexico increased to 46.30 points in January from 46.10 points in December of 2025. Manufacturing PMI in Mexico averaged 50.33 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 46.30 points in January from 46.10 points in December of 2025. 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 48.40 48.60 points Jan 2026
Capacity Utilization 79.80 79.80 percent Dec 2025
Auto Production YoY 243.96 322.21 Thousand Units Dec 2025
Car Registrations 60744.00 65040.00 Units Jan 2026
Changes in Inventories 33922.30 36582.60 MXN Million Sep 2025
Composite Leading Indicator 102.13 101.83 points Jan 2026
Corruption Index 27.00 26.00 Points Dec 2025
Corruption Rank 141.00 140.00 Dec 2025
Crude Oil Rigs 30.00 28.00 Jan 2026
Gold Production 5615.00 5736.00 Kg Nov 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 -5.50 -6.80 percent Oct 2025
Total Vehicle Sales 133564.00 157754.00 Units Jan 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 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
Mexico Factory Activity Contracts for 3rd Straight Month
Mexico’s S&P Global Manufacturing PMI fell to 47.3 in November 2025 from 49.5 in October, signalling a sharper deterioration in operating conditions and the lowest reading since June, keeping the index below 50 for a third month. New orders posted a solid decline after three months of growth, with the pace of contraction the fastest since mid-year, while new export orders fell for the twenty-first consecutive month as softer US demand weighed on external sales. Factory output contracted for a seventeenth month and at the steepest pace since May. Firms cut purchases and reduced staff through technical breaks and non-renewed temporary contracts, marking the sharpest job cuts in nearly four years. Finished goods inventories rose as stocks of purchases fell. Input costs increased due to higher freight and material charges, tariffs and adverse exchange rates, while output prices rose only slightly as firms absorbed costs. Business confidence stayed positive but slipped to a three-month low.
2025-12-01