Mexican manufacturing activity has experienced fluctuations throughout 2025 due to the impact of changes in U.S. tariff policy, and reportedly showed a negative performance last September.
In the ninth month of the year, the Timely Monthly Indicator of Manufacturing Activity (IMOAM) , prepared by the National Institute of Statistics and Geography (INEGI) , anticipated an annual decline of 1.3 percent .
According to INEGI, the IMOAM (Monthly Industrial Activity Indicator) registered a value of 106 points , an advance calculation of the Monthly Industrial Activity Indicator (IMAI) for the manufacturing sector.
BBVA Research estimates indicate that the manufacturing sector , which has experienced fluctuations throughout the year, will gradually recover, albeit under a backdrop of uncertainty stemming from global tariffs.
Despite the ups and downs that Mexico’s manufacturing industry has experienced so far in 2025, this sector remains a focus of attraction for Foreign Direct Investment (FDI) .
The country’s FDI capture during the second quarter of 2025 (2Q25) reached a new all-time high, reaching $34.265 billion . Of this total, 36% came from the manufacturing sector.
According to INEGI, the IMOAM has established itself as a reliable estimation tool and is continually evaluated against the IMAI for the manufacturing sector.
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