After opening 2025 on the wrong foot, Mexican industrial activity registered a 2.5% monthly increase in February, driven primarily by manufacturing and construction, the National Institute of Statistics and Geography (INEGI) announced Friday .
This growth occurred amid threats of tariffs imposed by the United States. According to the Monthly Industrial Activity Indicator (IMAI) , which monitors and analyses the evolution of industrial activity in Mexico, this indicator also improved annually, increasing by 0.4 percent .
During the period, three of the four components that make up the IMAI saw monthly increases , which drove the improvement in industrial activity in the second month of the year.
In this regard, manufacturing activity grew 2.9% compared to last January. Meanwhile, construction showed a monthly increase of 2.8% .
Mining registered a 0.8% increase, and the generation, transmission, distribution , and marketing of electric power, water supply, and natural gas pipelines to end consumers fell 0.4 percent , both monthly.
In its annual comparison, in February 2025, mining showed a 6.3% decline; manufacturing fell 1.8%; generation, transmission, distribution, and marketing of electric power, water supply, and natural gas pipelines to the final consumer fell 1.1%; and construction contracted 0.5%.
According to data from the National Institute of Statistics and Geography (INEGI), manufacturing made progress in 18 of its 21 pillars in the second half of this year. Construction also saw an increase, driven by the rise in building construction.
In turn, mining showed an increase in industrial activity during this period, mainly due to the production of metallic and non-metallic minerals, which had an increase of 5.2 percent .
After two months of decline, Mexican industrial activity rebounded in a challenging context marked by economic reconfiguration and the uncertainty generated in several markets by US measures, such as the imposition of tariffs. Although these measures were paused for 90 days globally, China was not included in this grace period.
According to the financial institution UBS , despite the tariff truce, “the damage has already been done,” and it estimated that there will be a serious impact on global growth, as it is unclear whether tariffs will not increase again. It also indicated that the uncertainty will negatively affect economic activity.
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