The Mexican manufacturing industry would have closed 2025 with a decline, according to the  Timely Monthly Indicator of Manufacturing Activity (IMOAM) , prepared by the  National Institute of Statistics and Geography (Inegi) .

In December 2025, the agency anticipated a 1.1% decrease in manufacturing activity  compared to the same month in 2024.

In the last month of last year, this indicator showed a value of  97.2 points , as an advance calculation of the Monthly Indicator of Industrial Activity (IMAI) of the manufacturing sector.

Amid the tariff policy driven by the United States, the Mexican manufacturing industry has faced adjustments, although it has remained resilient.

Despite this, and coupled with global trade changes, this sector of the country remains attractive for attracting Foreign Direct Investment (FDI).

According to data from the  Ministry of Economy (SE) , Mexico attracted  $40.906 billion in foreign direct investment (FDI) during the third quarter of 2025 (3Q25). Of this total, manufacturing accounted for 37.1% of the FDI, reflecting the importance of this industry to the Mexican economy.

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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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In September 2025, manufacturing orders registered their third consecutive month of decline, falling below the 50-point threshold, reported the  National Institute of Statistics and Geography (INEGI) .

The  Manufacturing Orders Indicator (MPI)  showed a monthly decrease of 0.6 units in the ninth month of the year.

The IPM, which presents the expectations and perceptions of business executives regarding the performance of the manufacturing sector in Mexico, also registered negative figures in its annual measurement, with a drop of 3.1 points .

Within the IPM, monthly declines were recorded in three of the five components that comprise it.

In the ninth month of the year, timeliness in the delivery of inputs from suppliers saw the greatest decline, with a decrease of 2.7 units compared to last August. This was followed by orders and  input inventory , each with a decrease of 1.6 points during the period.

On the other hand, production and employed personnel increased by 0.9 and 0.3 units monthly, respectively, during the reference period.

By subsector groupings comprising the IPM, those that showed the greatest annual declines were  computer equipment, electronic accessories, and electrical appliances, with 7.5 points.

This was followed by  non-metallic minerals and basic metals  , with a decline of 4.2 points, and  transportation equipment, with a 4.1-point drop year-on-year.

The global economic reconfiguration has disrupted Mexican manufacturing production, affecting orders in this sector.

However, this industry remains one of the driving forces of the Mexican economy and an attractive sector for Foreign Direct Investment (FDI), which in the second quarter of 2025 captured 36% of foreign capital .

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Foreign Direct Investment  (FDI) that Mexico captured during the second quarter of 2025 (2Q25) reached a new historical high, with 34.265 billion dollars (mdd) , which meant an increase of 10.2% compared to the same period in 2024, when it was 31.096 billion dollars, as announced by the president of Mexico, Claudia Sheinbaum.

At her morning press conference this Thursday, the president highlighted FDI in the second quarter of 2025, as well as the resilience of the Mexican economy in the face of the uncertainty surrounding tariffs imposed by the United States.

“Not even tariffs could stop the Mexican economy; it’s $34.265 billion in 2025, exceeding the $31.096 billion in 2024, which had already been a record and is practically more than double that of 2017,” he stressed, adding that this data was shared with him by the Ministry of Economy (SE) .

The sectors that contributed most to the rise in FDI during the reference period were manufacturing , telecommunications, the financial sector, and construction, as well as new capital injections into clean energy and infrastructure projects.

Sheinbaum asserted that these results reflect the confidence of international investors in the economic stability and opportunities that Mexico offers in a complex international context.

In this regard, he concluded that the Mexican economy is on track to close out 2025 with one of the largest inflows of foreign capital in its history.

The SE reported that new investments during the period increased 3.4 times compared to the same period in 2024, representing a new all-time high for the fifth consecutive year.

Of the total investment recorded in 2Q25, reinvestment of earnings accounted for 84.4%, new investments accounted for 9.2%, and intercompany accounts accounted for 6.4%.

The United States remained Mexico’s largest investment partner , accounting for 42.9% of total flows. Spain followed with 17.3% and Canada with 5.1%.

The federal agency detailed that 79.2% of the FDI received in the second quarter of 2025 was concentrated in five states in the country. Mexico City was the main destination, accounting for 56.4% of the total. Nuevo León followed with 8.8%, and the State of Mexico with 6.6%.

Meanwhile, 36% of FDI came from the manufacturing sector. Also notable are financial services, with 26.7%, and construction and mining, with 7.6% and 7.2%, respectively.

According to the  United Nations Conference on Trade and Development (UNCTAD) , in its World Investment Report 2025 , Central America experienced modest growth in FDI inflows, with Mexico leading the way thanks to investments in the manufacturing and logistics sectors .

Furthermore, the country stood out as one of the 10 countries that captured 80% of investment in new areas of the digital economy, with a 5% share, or US$29 billion, in the 2020-2024 period, according to UNCTAD data.

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Announcements of Foreign Direct Investment (FDI) projects in Mexico in the transportation and storage sector for the period 2020-2024 amounted to more than one billion dollars (mdd), on average, per year, revealed the Economic Commission for Latin America and the Caribbean (ECLAC) , which detailed that in the countries of the region the industry received only 3% of the total of these investments last year.

According to the Foreign Direct Investment in Latin America and the Caribbean 2025 report , prepared by the aforementioned organization, investment announcements in the logistics sector in Mexico averaged close to two billion dollars per year from 2010 to 2019.

At the report’s presentation, José Manuel Salazar-Xirinachs, Executive Secretary of ECLAC, emphasized that Mexico has a positive investment environment, as well as clusters for economic development and a strong logistics chain.

In this regard, he emphasized that the country is best positioned to attract FDI in Latin America and the Caribbean within the framework of the phenomenon of relocation of production lines, known as nearshoring .

According to the report, Mexico received the second-largest amount of FDI in the region in 2024, with net inflows of $45.337 billion, representing a 48% increase compared to 2023 and the highest annual figure since 2013.

José Manuel Salazar-Xirinachs noted that the integration of the Mexican economy with that of the United States under the context of nearshoring could pose risks, especially due to the recent economic policies promoted by its northern neighbor. However, there is also “a great deal of common interest between the two countries.”

In terms of sectors, manufacturing was the largest net driver of FDI in Mexico, experiencing a 10% increase in inflows compared to 2023 and also accounting for 53% of the 2024 total.

For his part, Marco Llinás, director of ECLAC’s Productive and Business Development Division, believes that FDI in Mexico will increase as the country improves its efforts to attract foreign capital through Plan Mexico , especially given the economic uncertainty affecting the world due to protectionist policies.

According to the ECLAC report, FDI in Latin America and the Caribbean in 2024 reached 188.962 billion dollars (mdd) , which represented an increase of 7.1% compared to 2023.

The 2024 growth in FDI components was driven by transnational corporations already operating in the region, mainly due to increases in profit reinvestment, while capital inflows remain stagnant.

In 2024, FDI inflows increased in the Caribbean, Central America, and Mexico, while results in South American countries were mixed. Brazil saw a 13.8% increase in FDI inflows, while Mexico saw a 47.9% increase in the period.

“At ECLAC, we believe that Latin America and the Caribbean must leverage foreign direct investment to achieve more productive, inclusive, and sustainable development. To achieve this, it will be key to use FDI as a strategic tool within productive development policies,” emphasized José Manuel Salazar-Xirinachs.

According to the report, during the reference period, there was an increase in FDI inflows to manufacturing and a decrease in the services sector, with the share of FDI in both sectors remaining similar, at 43.6% and 40.4%, respectively.

The analysis indicated that the United States consolidated its position as the largest investor in Latin America and the Caribbean, with 38% of the value invested in 2024, and the European Union’s share fell to 15% of the regional total, representing the lowest figure since 2012. Meanwhile, FDI from China accounted for just 2% of total inflows in 2024.

Meanwhile, regarding the behavior of Latin American transnational corporations, known as translatinas, the report showed that outward FDI from the region increased 47% last year, reaching $53.033 billion . Brazil was the largest investor abroad, accounting for 46% of the total, while investments from Mexico showed the greatest growth.

The report also highlighted FDI in the mining sector. Between 2005 and 2024, 1,152 project announcements were made, totaling US$230,065 million.

Furthermore, the analysis highlighted that while there has been progress in digitalization in Latin America and the Caribbean, significant gaps in technological adoption persist .

Mexico and Brazil accounted for 32% and 29%, respectively, of the FDI associated with project announcements accumulated between 2005 and 2024. When Argentina, Chile, and Colombia are added, this group of countries accounts for more than 80% of the total in the region.

It is worth remembering that during the first quarter of 2025, Mexico reached  21.4 billion dollars (mdd) in Foreign Direct Investment , which meant an increase of  5.4% compared to the same period in 2024, according to the Ministry of Economy .

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According to its World Investment Report 2025 , the international organization noted that this decline in FDI represented the second consecutive contraction.

The analysis projected that the outlook for 2025 is negative , due to a greater number of countries introducing controls on these flows, under the guise of national security.

“While moderate growth seemed possible at the beginning of the year, trade tensions have led to downward revisions in most indicators of FDI prospects, including gross domestic product (GDP) growth, capital formation, exports of goods and services, currency and financial market volatility, and investor confidence,” the report detailed.

The report explained that in Latin America and the Caribbean , FDI flows decreased by 12%, partly due to the decline in energy prices in 2024.

“In Brazil, the largest recipient in the region, FDI fell by 8 percent. However, several countries in the region, such as Argentina, Brazil, and Mexico, saw an increase in the number and value of announced greenfield (new construction) projects , in contrast to the general trend in developing countries,” he said.

He added that Central America experienced modest growth, with Mexico leading the way thanks to investments in the manufacturing and logistics sectors.

According to the report, Mexico stood out as one of the 10 countries that capture 80% of the investment in new areas of the digital economy , with a 5% share, or $29 billion, in the 2020-2024 period.

The report also highlighted that the United States remains both the largest source and destination of FDI, although Asian economies have taken a greater role as global investors. However, foreign capital inflows to China fell 29% for the second consecutive year.

The United States increased its FDI inflows to $279 billion, an annual increase of 19.6 percent. Meanwhile, in Europe , it fell by 11%, to $198 billion.

UNCTAD noted that while US-led tariffs have led to some announcements of investment projects aimed at restructuring supply chains in manufacturing sectors, their main effect has been a dramatic increase in investor uncertainty.

Given the global economic slowdown, the organization considered it necessary to increase and direct investments toward sustainable infrastructure, digital inclusion, renewable energy, and productive sectors.

Among other factors, he recommended reforming the international financial system, strengthening multilateral cooperation to manage global risks, and expanding sustainable finance.

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According to an analysis, the international organization noted that advanced economies also recorded historic lows in FDI capture, registering $336 billion in 2023, the lowest figure since 1996.

As a percentage of their Gross Domestic Product (GDP), FDI inflows to developing economies in that year were only 2.3%, roughly half the level reached in 2008.

“It is no coincidence that FDI is reaching new lows at the same time that public debt is reaching historic highs. Private investment will now need to drive economic growth, and FDI is one of the most productive forms of private investment. However, in recent years, governments have been erecting barriers to investment and trade when they should be deliberately removing them. They will have to break this bad habit,” said Indermit Gill, Chief Economist and Senior Vice President of the World Bank Group.

The World Bank report also highlighted that investment treaties increase FDI flows between signatory countries by more than 40 percent. However, between 2010 and 2024, only 380 new investment treaties entered into force , barely a third of the number recorded in the 1990s.

In 2023, FDI accounted for approximately half of the external financing flows received by developing economies, he noted.

Under favorable conditions, the report noted, a 10% increase in investment inflows can generate a 0.3% increase in real GDP after three years, and in countries with stronger institutions, better human capital, greater trade openness, and lower informality, this impact can be almost three times greater.

The analysis found that investment is concentrated in larger economies. Between 2012 and 2023, approximately two-thirds of FDI flows to developing economies went to just 10 countries : China received almost a third of the total, while Brazil received 10% and India 6%. Meanwhile, the 26 poorest nations received barely 2% of the total. Half of the flows came from the United States and the European Union.

Efforts to improve FDI

The World Bank identified three strategic priorities to reverse the trend and strengthen investment in developing economies.

The first is to redouble efforts to attract FDI , which is why he recommended relaxing the restrictions on FDI that have accumulated over the last decade, in addition to accelerating the investment climate.

The second is to expand the economic benefits of FDI . Promoting trade integration, improving the quality of institutions, fostering human capital development, and increasing the participation of more people in the formal economy are some of the measures that would help attract more FDI, according to the institution.

The third seeks to promote global cooperation , where all countries must collaborate to foster policy initiatives that help direct FDI flows toward developing economies with the greatest investment deficit.

Against this backdrop, representatives from governments, international institutions, and the private sector will meet in Seville, Spain, from June 30 to July 3, at the 4th International Conference on Financing for Development, to discuss how to mobilize the financing needed to achieve key development goals.

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Mexico’s manufacturing industry has been one of the hardest hit by U.S. protectionist measures. According to the Timely Monthly Indicator of Manufacturing Activity (IMOAM), this sector registered an annual decline of 2.1% in April 2025, according to information published this Friday by the National Institute of Statistics and Geography (INEGI) .

In the fourth month of the year, the IMOAM stood at 107.2 points , as an advance calculation of the Monthly Industrial Activity Indicator (IMAI) of the manufacturing sector.

The estimate, with a 95% confidence interval, placed the lower limit at 104.2 points and the upper limit at 110.3 points.

According to INEGI (National Institute of Statistics and Geography), the physical volume of manufacturing production fell 2% last March compared to the previous month, and on an annual basis, it also decreased 1.5%.

The slowdown in manufacturing activity in Mexico is occurring amid a challenging global economic climate. However,  BBVA Research estimates indicate that this sector will recover, albeit gradually and under the uncertain circumstances generated by the United States’ tariff policy.

Despite the negative figure anticipated by Inegi, in the first quarter of 2025 Mexico added 21.4 billion dollars (mdd) of Foreign Direct Investment (FDI) , of which  43.2% was concentrated in the  manufacturing sector , where the transportation equipment, beverages and tobacco, chemical, computer equipment and food industry industries stand out.

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In 2024, the capture of

Compared to 2023, when the transportation, mail and storage sector registered an FDI of 2,283.5 million dollars , last year this industry showed an increase of 19.6 percent .

Although the influx of foreign investment received by logistics in 2024 was significant, it was not the highest amount.

In 2022, when some restrictions due to the COVID-19 pandemic were ending , the sector registered an FDI of 3,684.8 million dollars , which has been the largest disbursement so far since 2006. It was followed by 2017 with 3,305.3 million dollars and 2021 with 2,973.9 million dollars .

According to the Ministry of Economy, the subsector that received the most FDI from 2006 to 2024 was pipeline transportation , which accumulated to US$18,439.7 billion . In 2021 alone, it received US$2,258.9 billion in foreign investment , the highest in the period.

In 2024, which marked the end of Andrés Manuel López Obrador’s (AMLO)six-year term and the beginning of that of Mexico’s current president, Claudia Sheinbaum , Foreign Direct Investment in pipeline transportation was 2,251.1 million dollars , which represented a 6.1% share of total FDI last year.

Compared to 2023, when foreign companies invested 1,924.8 million dollars, FDI in 2024 in the aforementioned subsector increased by 16.9 percent .

This subsector showed declines in FDI capture from 2018 to 2020, when AMLO governed, who limited the participation of foreign investment in hydrocarbon exploration, as well as in storage and transportation, however, starting in 2021 it began to improve due to the start of some projects or the continuation of others, such as the Dos Bocas refinery in Tabasco .

Transportation-related services are another subsector with the highest share of FDI. In 2024, it received investments totaling US$277.1 million , a 15.5%drop compared to 2023, when it reached US$328.2 million .

Last year’s figure represented 0.8% of Mexico’s total foreign direct investment. 2014 was the best year for this subsector, attracting $368.9 million .

Courier and parcel services recorded FDI of $111.6 million last year, representing a 148% increase compared to 2023, when it totaled $45 million.

The 2024 figure represented a 0.3% share of last year’s total FDI; while in 2019, this subsector recorded its best year of Foreign Direct Investment, totaling $318.1 million .

According to information from the DataMéxico portal of the SE, from January 1999 to December 2024, the countries that have contributed the most to FDI in this subsector were the Netherlands and Germany with 295 million dollarseach, as well as the United States with 292 million dollars .

FDI in air transport accounted for 0.2% of its total in 2024 , reaching US$64.3 million . However, in 2023, there was no foreign capital investment.

The best year for this subsector in terms of FDI was in 2022, reaching US$2,131.3 million , driven mainly by air cargo transport.

According to the Federal Civil Aviation Agency (AFAC) , the volume of cargo transported increased 4.8% during the first half of 2022 compared to the previous year, reaching 374,470 tons in international operations.

The states with the greatest opportunity for development in air transportation are Coahuila, Querétaro, and Colima, according to the DataMéxico portal.

Rail transport reported FDI of $7.2 million in 2024; its best years in terms of foreign direct investment were 2015 with $826.5 million and 2022 with $614.3 million . This subsector did not register FDI in 2023.

According to DataMéxico, Canada was the leading country investing in this subsector in Mexico last year. Meanwhile, Nuevo León, Aguascalientes, and Mexico City were the states that received the most FDI during the period.

In 2024 , water transport saw FDI of $1.5 million (distributed across reinvestment of profits, new investments, and intercompany accounts), marking a rebound after negative figures in this subsector of -$174 million in 2022 and – $25.9 million in 2023, according to the SE.

According to the federal agency, 2007 was the year in which this subsector captured the most FDI, totaling US$619.7 million .

Other subsectors, such as  freight transport, registered zero FDI inflow in 2024, while storage services had a 0% share , with its best year being 2018 with 20.5 million dollars .

The surge in FDI last year indicates that the logistics industry is one of the driving forces of the Mexican economy, boosting growth, creating jobs, and improving competitiveness and local and foreign trade.

This sector facilitates the movement of goods, both within and outside the country, and helps companies optimize processes, reduce costs, and increase efficiency.

The logistics market in Mexico is estimated to have reached a value of $1,270.27 billion in 2024, and is expected to grow at an annual rate of 10.2% between 2025 and 2034, reaching $3,044.59 billion by the end of this period, according to the consulting firm Expert Market Research .

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Sergio Contreras , executive president of the Mexican Business Council for Foreign Trade, Investment and Technology (Comce) , who was recently appointed vice president of Infrastructure Investment within the Special Committee for Investment and Relocation of Companies of the Business Coordinating Council (CCE) , highlighted that Foreign Direct Investment (FDI) in semiconductors, data centers, the circular economy and clean energy continues to gain relevance in the world.

Within the framework of this new responsibility at the CCE, from which Contreras will collaborate in defining strategies to attract productive capital and develop infrastructure projects, he specified that these sectors should be targeted , since they are where companies are investing globally.

“The sustained growth of foreign investment in Mexico confirms that our country remains an attractive destination for business in terms of innovation,” he stated.

Contreras said that 2024 was marked by strong momentum in investment in semiconductors and data centers globally , reflecting a global trend in which nine of the 10 largest FDI investments worldwide were concentrated in these two technologies.

The two largest investments last year were in semiconductors: TSMC in Phoenix, Arizona, for $65 billion ; and Samsung in Taylor, Texas, for $24 billion .

He also emphasized that attracting FDI will be very important in high-value-added projects, highlighting that the manufacturing industry was the main destination for FDI in Mexico in 2024, accounting for 54% of the total.

Along these lines, transportation equipment manufacturing stood out, accounting for 50% of FDI; followed by the beverage and tobacco industries, with 20%; computer and electronic equipment, with 9%; the chemical industry, with 6%; and basic metals, with 4%.

In particular, FDI in the automotive industry increased by 36% annually, reaching $6.925 billion , representing 19% of the national total, consolidating its position as the sector with the greatest attraction of foreign capital.

“This growth in strategic industries opens up opportunities to attract new technologies,” Contreras Pérez emphasized.

The Comce pointed out that in 2024 Mexico attracted 36.872 billion dollars in FDI, consolidating its position as a key investment destination, with reinvestment of profits accounting for the majority of these flows, amounting to 28.710 billion dollars , reflecting the confidence of foreign companies established in the country.

Intercompany accounts totaled $4.994 billion , while new investments reached $3.168 billion .

“The 7.7% increase in reinvested earnings and the 8.3% increase in intercompany accounts, compared to 2023, confirms that Mexico is a country in which to establish and do business, as well as companies’ confidence in Mexico’s macroeconomic and political stability, its integration into global supply chains, and the specialization of its workforce. These factors have been decisive in helping companies already operating in the country strengthen their investments and consolidate their presence in the Mexican market,” Contreras stated.

By 2025, Comce’s CEO anticipates several key trends that could benefit Mexico. The restructuring of the global value chain is generating the formation of industrial clusters and subregional value chains, which could translate into new investments in manufacturing in the country.

At the same time, the technology-driven transformation of industries will continue to accelerate digitalization and smart manufacturing, with artificial intelligence as a key driver of new investments in industrial and service activities.

By 2025, Comce forecasts that renewable energy, telecommunications, data centers, and semiconductors will be the main sectors receiving FDI globally , so the organization is promoting a strategy aimed at supporting Plan Mexico from the private sector, so that the country can promote its competitive advantages in these industries.

“The country’s integration into strategic supply chains and its strength in advanced manufacturing will continue to be competitive advantages for attracting foreign investment. Our commitment at the Comce is to continue promoting foreign trade, innovation, and foreign investment in Mexico. We work closely with the public sector to ensure that the country remains a reliable and competitive destination for international investment,” concluded Contreras Pérez.

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