Manufacturing activity in Mexico showed signs of less dynamism at the close of the third quarter of 2026, with a drop in expected orders and business confidence that remained virtually unchanged, although some segments, such as computer equipment, electronic accessories and electrical appliances, showed a better outlook.

In September 2026, the Manufacturing Orders Indicator (IPM) stood at 49.1 points, which meant a monthly drop of 2.5 points and 0.6 units at an annual rate, according to the National Institute of Statistics and Geography (Inegi) and the Bank of Mexico (Banxico) .

With this result, the indicator fell below the 50-point threshold, which marks the line between a favorable and a less favorable perception.

The decline was led by the orders component, which fell 6.1 points compared to last August. Production indicators also decreased (-3.9 points), as did employment (-0.3 points) and on-time delivery of inputs (-0.1 points), while input inventories increased 2.2 points month-on-month.

On an annual basis, orders fell 4.6 points, while production, on-time delivery of inputs, and input inventories increased 1.4, 0.9, and 1.7 points, respectively, during the reference period. Employment remained unchanged compared to September 2025.

By subsector groups, the one that showed the greatest annual increase was petroleum and coal derivatives, chemical, plastic and rubber industry with 8.3 points; followed by computer equipment, electronic accessories and electrical appliances with 6 points; meanwhile, transport equipment was the one with the greatest decrease with 10.9 units at an annual rate.

This behavior is relevant because the IPM functions as a leading indicator of business perceptions on variables related to the production process.

Business confidence, with caution

This caution was also reflected in the perception of businesses. The Business Confidence Indicator (BCI) for manufacturing industries stood at 48 points in the ninth month of the year, unchanged from last August and 1.3 points below its level at the same time last year, according to the results of the Global Business Confidence Opinion Indicator (GBIO), which stood at 48.4 points.

Within the manufacturing ICE, one of the components that showed the greatest weakness was the one related to the right time to invest, which stood at just 34.3 points and accumulated 160 consecutive months below the 50-point threshold .

The  Construction Business Confidence Index (ICE)  was 47.8 units in September 2026. During the period, it increased by 0.4 points month-over-month and 1.3 units year-over-year. The company’s future economic outlook was one of the best-performing indicators, with a monthly increase of 1.3 points and a year-over-year increase of 0.1 units.

Meanwhile, the  Trade Confidence Index (ICE) rose 0.7 points compared to the previous month, reaching 48.9 units. However, it fell 0.7 points year-on-year. The country’s future economic outlook showed the best result, with a monthly increase of 1.2 units and a 0.9-point rise year-on-year.

In the reference month, the  Private Non-Financial Services Economic Index (ICE)  fell 0.2 points compared to August 2016 and declined 2.1 points year-on-year to 48.4 points. Two of its components showed negative performance month-on-month; the optimal time to invest increased by 1.1 points. Meanwhile, all five of its components declined year-on-year.

Within the ICE of private non-financial services, the transport, postal and storage sector stood at 50.9 points  in September 2026, which meant 2.9 units less at an annual rate.

The IGOEC, which in the ninth month of the year registered an increase of 0.1 points on a monthly basis and fell 1 point annually, is the weighted average of the confidence indicators of the manufacturing, construction, trade and private non-financial services sectors, prepared from the Monthly Business Opinion Survey (EMOE).

September’s data paints a picture of weaker growth in the Mexican manufacturing sector. On the one hand, the IGOEC remains below 50 points, reflecting a pessimistic business environment , while the IPM showed negative results, although some segments maintain a more optimistic outlook.

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The decline in order volume and the timeliness of supplier input delivery influenced the monthly drop in manufacturing orders in July 2026, according to the National Institute of Statistics and Geography (Inegi)  and the  Bank of Mexico (Banxico) .

In the seventh month of the year, the  Manufacturing Orders Indicator (IPM) stood at  50 units , which meant a decrease of 0.1 points compared to June 2026.

Conversely, the IPM, which presents the expectations and perception of business executives on the performance of the manufacturing sector in Mexico,  registered a positive performance in its annual measurement, with a slight increase of 0.2 points .

Within the indicator, monthly declines were recorded in two of the five components that make it up .

In July 2026, orders saw the largest decline  , falling 5.7 points compared to June. This was followed   by a decrease of 0.1 points in the availability of supplies from vendors .

Conversely, input inventories increased by 4.1 points on a monthly basis; while production and  total employed personnel  advanced by 3.8 and 0.2 units, respectively, on a monthly basis.

By activity groups, the transport equipment subsector fell 1.6 points year-on-year; while petroleum and coal derivatives, the chemical, plastics and rubber industry advanced 2.1 units year-on-year.

US tariffs have impacted the Mexican manufacturing industry by decreasing orders, especially for transportation equipment, which affects the country’s automotive sector.

This is compounded by an economy that is only just beginning to show signs of recovery. In the second quarter of 2026, Gross Domestic Product (GDP) grew by 1.51% after a contraction of 0.62% in the first quarter of the year.

“It is estimated that approximately two-thirds of the quarterly growth was due to the World Cup effect, which boosted retail trade and service consumption, while the rest of the growth was the result of a rebound effect after the contraction observed in the first quarter,” explained Grupo Financiero BASE .

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Amid uncertainty over US tariff policy,  Mexican business confidence fell 0.1 points in May 2026 compared to April; it also decreased 0.5 units year-on-year, according to the Global Business Confidence Opinion Indicator (IGOEC) , which stood at  48.2 points , as announced this Monday by the  National Institute of Statistics and Geography (Inegi) .

This was due to the caution shown by business owners in the manufacturing, construction, and trade sectors, reflecting pessimism, as the IGOEC fell below the 50-unit threshold.

In this regard, the  Business Confidence Indicator (BCI)  for  manufacturing industries  stood at  47.5 points  in May, a decrease of 0.4 points compared to April. Within this indicator, the component that saw the largest decline was the perception of a favorable time to invest, with a monthly drop of 1.8 points.

The  Construction Energy Efficiency Index (ICE)  was  47.8 units  in May 2026. This represents a decrease  of 0.3 points  compared to the previous month. With this figure, the indicator has remained below the 50-point threshold for 21 consecutive months.

In the cycle, the  Commerce ICE  fell  0.7 points  compared to the previous month, settling at  48.3 units . All its components experienced declines compared to last April, with the   most significant drop, at 1.8 points, being the most opportune time to invest .

In the reference month, the  Business Confidence Index (BCI) for private non-financial services  increased  by 0.4 points  compared to April 2016, reaching  48.4 units . One of its components showed a negative performance. The current economic situation of the company experienced the largest decline, falling by 0.7 points month-on-month.

According to the Global Business Confidence Opinion Indicator, three of the four sectors it covers showed declines during May 2026.

This uncertainty has been generated, among other reasons, by international factors such as tariffs around the world and the conflict in the Middle East, as well as by internal factors, such as a weakening of the Mexican economy and private consumption.

Manufacturing orders also performed negatively

Meanwhile, the Manufacturing Orders Indicator (IPM), which tracks the performance of the manufacturing economy in Mexico, also showed declines on a monthly and annual basis during May 2026, mainly due to a contraction in orders and production, reported Inegi and the  Bank of Mexico (Banxico) .

In the fifth month of the year,  the MPI stood at  49.2 points  , a decrease of 1.1 points compared to April. Its annual measurement also registered a negative figure, with  a decline of 1.4 points .

Within it, four components that make up the IPM registered declines and only one had a positive performance in the monthly comparison.

In May 2026,  orders  fell by 3.3 points compared to April. This was followed by a monthly decrease of 0.3 points  in production . Total employment and on-time delivery of supplies from suppliers  each decreased by 0.1 points compared to April 2026. Conversely,  supplies showed a monthly increase of 0.1 points.

By subsector, the transportation equipment sector saw the largest year-on-year decrease , with a drop of 5.6 points. Meanwhile, non-metallic minerals and basic metals experienced the largest increase, rising 4.4 points year-on-year.

According to Banxico, knowing the Manufacturing Orders Indicator is crucial because it provides a preview of economic activity in Mexico.

“An increase in the MPI suggests that companies are receiving more orders and producing more, which can have a positive impact on the economy and investor confidence,” he explained.

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El cargo Business confidence in Mexico falls during May; manufacturing orders also decline apareció primero en T21.

Amid uncertainty over US tariff policy,  Mexican business confidence fell 0.1 points in May 2026 compared to April; it also decreased 0.5 units year-on-year, according to the Global Business Confidence Opinion Indicator (IGOEC) , which stood at  48.2 points , as announced this Monday by the  National Institute of Statistics and Geography (Inegi) .

This was due to the caution shown by business owners in the manufacturing, construction, and trade sectors, reflecting pessimism, as the IGOEC fell below the 50-unit threshold.

In this regard, the  Business Confidence Indicator (BCI)  for  manufacturing industries  stood at  47.5 points  in May, a decrease of 0.4 points compared to April. Within this indicator, the component that saw the largest decline was the perception of a favorable time to invest, with a monthly drop of 1.8 points.

The  Construction Energy Efficiency Index (ICE)  was  47.8 units  in May 2026. This represents a decrease  of 0.3 points  compared to the previous month. With this figure, the indicator has remained below the 50-point threshold for 21 consecutive months.

In the cycle, the  Commerce ICE  fell  0.7 points  compared to the previous month, settling at  48.3 units . All its components experienced declines compared to last April, with the   most significant drop, at 1.8 points, being the most opportune time to invest .

In the reference month, the  Business Confidence Index (BCI) for private non-financial services  increased  by 0.4 points  compared to April 2016, reaching  48.4 units . One of its components showed a negative performance. The current economic situation of the company experienced the largest decline, falling by 0.7 points month-on-month.

According to the Global Business Confidence Opinion Indicator, three of the four sectors it covers showed declines during May 2026.

This uncertainty has been generated, among other reasons, by international factors such as tariffs around the world and the conflict in the Middle East, as well as by internal factors, such as a weakening of the Mexican economy and private consumption.

Manufacturing orders also performed negatively

Meanwhile, the Manufacturing Orders Indicator (IPM), which tracks the performance of the manufacturing economy in Mexico, also showed declines on a monthly and annual basis during May 2026, mainly due to a contraction in orders and production, reported Inegi and the  Bank of Mexico (Banxico) .

In the fifth month of the year,  the MPI stood at  49.2 points  , a decrease of 1.1 points compared to April. Its annual measurement also registered a negative figure, with  a decline of 1.4 points .

Within it, four components that make up the IPM registered declines and only one had a positive performance in the monthly comparison.

In May 2026,  orders  fell by 3.3 points compared to April. This was followed by a monthly decrease of 0.3 points  in production . Total employment and on-time delivery of supplies from suppliers  each decreased by 0.1 points compared to April 2026. Conversely,  supplies showed a monthly increase of 0.1 points.

By subsector, the transportation equipment sector saw the largest year-on-year decrease , with a drop of 5.6 points. Meanwhile, non-metallic minerals and basic metals experienced the largest increase, rising 4.4 points year-on-year.

According to Banxico, knowing the Manufacturing Orders Indicator is crucial because it provides a preview of economic activity in Mexico.

“An increase in the MPI suggests that companies are receiving more orders and producing more, which can have a positive impact on the economy and investor confidence,” he explained.

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El cargo Business confidence in Mexico falls during May; manufacturing orders also decline apareció primero en T21.

After the rebound shown last March, manufacturing orders fell in April 2026, both on a monthly and annual basis, the National Institute of Statistics and Geography (Inegi)  and the  Bank of Mexico (Banxico) announced this Monday .

During the period, the  Manufacturing Orders Indicator (IPM) stood at  50.6 units , which meant a monthly decline of 0.6 points in April of this year, compared to the previous month.

The IPM, which presents the expectations and perception of business executives on the performance of the manufacturing sector in Mexico, also registered a negative figure in its annual measurement, with a decrease of 0.2 units .

Within the IPM, a monthly drop was shown in the production component , with a decline of 3.7 units in April 2026 compared to last March.

Conversely, raw material inventories increased by 2.3 points, and orders rose by 0.3 units. Total employment and on-time delivery of raw materials from suppliers remained unchanged month-over-month.

On an annual basis, production, total employment, and timeliness of supplier deliveries declined by 5.1, 0.6, and 0.5 points, respectively. Meanwhile, orders increased by 3.7 units, and raw material inventories rose by 1.1 points during the cycle.

By subsector groups that make up the IPM, those showing the greatest year-on-year declines were  petroleum and coal derivatives, the chemical industry, and the plastics and rubber industry , with 6.7 points. This was followed by  food, beverages, and tobacco , with 1.1 points.

Those that registered year-on-year increases were computer equipment, electronic accessories and electrical appliances , with 6.8 units; transport equipment , with 2.6 points; textiles, clothing, leather and hides, wood, paper and other industries , with 2.4 points; metal products, machinery, equipment and furniture , with 2.1 units; and non-metallic minerals and basic metals , with 1.6 points.

According to Banxico, knowing the Manufacturing Orders Indicator is crucial because it provides a preview of economic activity in Mexico.

“An increase in the MPI suggests that companies are receiving more orders and producing more, which can have a positive impact on the economy and investor confidence,” he explained. However, a decrease may indicate a decline in economic activity, which would affect product availability in the market and consumer prices.

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El cargo Manufacturing orders weaken in April apareció primero en T21.

After the drop recorded last February, the Manufacturing Orders Indicator (IPM) showed a rebound of 0.5 points on a monthly basis in March 2026 , the National Institute of Statistics and Geography (Inegi) and the Bank of Mexico (Banxico) announced this Wednesday .

In the third month of the year,  the MPI stood at  51.2 units, marking three consecutive months above the 50-point threshold . However, in its annual measurement, the MPI showed a negative result, decreasing by 0.1 units.

Within it, three of the five components that make up the IPM registered declines in the monthly comparison.

In March 2026,  raw material inventories  fell by 3.9 percentage points compared to February. This was followed by a monthly decrease of 0.9 percentage points  in orders . Meanwhile, employment fell by 0.1 percentage points month-over-month during the third month of this year.

Conversely,  production  showed a monthly increase of six units, and  timeliness in the delivery of inputs from suppliers increased by 0.3 monthly points in March 2026.

By subsector, on an annual basis, the one that showed the greatest decrease was petroleum and coal derivatives, the chemical industry, and the plastics and rubber industry , with 2.7 points. Meanwhile,  food, beverages, and tobacco saw the largest annual increase, with 2.5 points.

Knowing the results of the IPM is important, as it anticipates the activity of the manufacturing sector , one of the country’s economic engines, which is an attractive industry for foreign capital.

According to the  Ministry of Economy , the  Foreign Direct Investment (FDI) that the manufacturing sector attracted in 2025 was more than 30% of the total FDI that Mexico received in the cycle, which was 40 billion 871 million dollars .

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After two consecutive months of declines (November and December 2025), manufacturing orders increased in January 2026 on a monthly basis, the National Institute of Statistics and Geography (Inegi) announced on Tuesday .

The Manufacturing Orders Indicator (IPM) stood at  50.8 points , a monthly advance of 3.5 units in the first month of the year.

The IPM, which presents the expectations and perception of business executives on the behavior of the manufacturing sector in Mexico, also registered a good performance in its annual measurement, with an increase of 0.2 points .

Within the IPM, monthly increases were recorded in four of the five components that make it up.

In January 2026,  orders grew by 8.7 units compared to December 2025.  Input inventories  showed a monthly increase of 7.1 points, and total employed personnel reported an increase of 0.6 units.

Timeliness in the delivery of inputs from suppliers registered an increase of 0.1 points, while production fell 0.4 units in the cycle in its monthly measurement.

By subsector group within the IPM, the largest year-on-year declines were in non-metallic minerals and basic metals, with a drop of 5.7 points. This was followed by metal products, machinery, equipment, and furniture, with a decrease of 3.4 points. Conversely, the largest increase was in transportation equipment, with a year-on-year rise of 2.2 points.

The result for the first month of the year of the MPI represents the second best reading in the last four months, only behind the figure reached last October, when this indicator stood at 53 points, according to original figures.

The good pace of the IPM achieved last January is also in line with the Foreign Direct Investment that the manufacturing industry attracted in the third quarter of 2025, with a foreign capital receipt of  37% , according to the  Ministry of Economy .

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After the rebound shown last October, manufacturing orders fell again in November 2025 on a monthly basis, the National Institute of Statistics and Geography (Inegi) and the Bank of Mexico (Banxico) announced this Tuesday .

The  Manufacturing Orders Indicator (IPM) stood at  48.3 units , a monthly decline of 4 points in November of this year.

The IPM, which presents the expectations and perception of business executives on the performance of the manufacturing sector in Mexico, also registered negative figures in its annual measurement, with a decrease of 2.7 points .

Within the IPM, monthly declines were recorded in four of the five components that make it up .

In November 2025, raw material inventories saw the largest decline , falling 8.8 units compared to the previous October. This was followed by production , with a drop of 7.4 points.  Orders  showed a decrease of 2.9 units month-on-month, and total employment fell 0.8 points during the period.

Timeliness in the delivery of supplies from providers  was the only indicator that registered progress, with an increase of 0.3 units in the eleventh month of the year in its monthly measurement.

By the subsector groups that make up the IPM, those showing the greatest year-on-year declines were petroleum and coal derivatives, the chemical industry, and the plastics and rubber industry , with 12.9 points. This was followed by food, beverages, and tobacco , with 1.3 points; computer equipment, electronic accessories, and electrical appliances , with a decrease of 1.1 points; and textiles, clothing, leather and hides, wood, paper, and other industries , with a decrease of 0.3 points.

Despite a decline in the IPM last November, the Mexican manufacturing industry remains one of the main activities attracting Foreign Direct Investment , receiving 37.1% of foreign capital in the third quarter of 2025 , according to the  Ministry of Economy .

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El cargo Manufacturing Orders Indicator falls in November apareció primero en T21.

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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