At the end of 2024, Mexican industrial activity showed its weakest performance since 2020, with a monthly drop of 1.4% in December of last year, the National Institute of Statistics and Geography (Inegi) reported on Tuesday .
According to the Monthly Indicator of Industrial Activity (IMAI) , which allows us to know and monitor the evolution of industrial activity in Mexico, the annual rate decreased by 2.4 percent .
This contraction in the country’s industrial activity in December 2024 was due to a general decline in the four components that make up the IMAI, compared to November of last year.
In this regard, the construction sector decreased by 2.1% monthly; while the generation, transmission, distribution and marketing of electric energy, water supply and natural gas through pipelines to the final consumer showed a decrease of 1.9% at a monthly rate.
Meanwhile, the manufacturing industry also fell by 1.2% , and mining fell by 1% monthly.
In its annual comparison, in December 2024, construction fell by 7.1%; mining, 6.2% and manufacturing industries by 0.3 percent. Generation, transmission, distribution and marketing of electric energy, water supply and natural gas supply through pipelines to the final consumer advanced by 1.8 percent.
According to data from Inegi, manufacturing had declines in 14 of the 21 pillars that comprise it in December of last year. As for construction, the decrease in that period was due to the completion of flagship works of the federal government .
Meanwhile, mining was the weakest pillar of industrial activity throughout 2024. This industry is currently in the eye of the storm, with the imposition of 25% tariffs on steel and aluminum that the world exports to the United States, and which will affect the regional trading partners of the northern neighbor, such as Mexico and Canada.
In light of this, during the morning press conference on Tuesday, Marcelo Ebrard , head of the Ministry of Economy in Mexico, described the measure as a “bad and unjustifiable idea,” since the United States exports more to the country than it imports, and he will therefore seek a dialogue with trade authorities in that country, which could take place next week.
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