The performance of Mexico’s commercial sector had mixed results last March, according to the Monthly Survey of Commercial Enterprises (EMEC) , which revealed a monthly decline in wholesale trade and growth in retail trade.
According to the survey, conducted by the National Institute of Statistics and Geography (INEGI) , revenue from the supply of goods and services in wholesale trade decreased by 0.4% monthly. The number of employees in this sector fell by 0.1%, while average real wages increased by 0.4% in March 2025.
In contrast, retail trade saw a 0.5% increase in revenue. It also saw a 0.1% increase in employed personnel; however, average real wages fell 0.7% monthly.
On an annual basis, wholesalers saw a 4.8% slowdown in total revenue, a 4% increase in employed personnel, and a 4.5% increase in average real wages.
Meanwhile, retail businesses reported a 2.7% increase in revenue from the supply of goods and services; the number of employees increased by 1.5%, and average real wages grew by 3.3% annually in the third month of the year.
The wholesale activity sectors and subsectors showed a decrease in supply revenue compared to March 2024.
In this regard, textiles and footwear products showed a 14.3% decrease, trucks, parts, and refractories a 4.3% decrease, and agricultural and forestry raw materials a 2.4% decrease.
In turn, the sectors and subsectors with the highest revenue in retail trade were household goods, computers, and interior items (13.9%), stationery and personal items (10.4%), motor vehicles, fuel refractories (6.6%), and healthcare items (5.9%).
These figures come at a time when the National Consumer Price Index (NCPI) stood at 4.22% at an annual rate in the first half of May 2025, due to an increase in the cost of some basic products.
Given this, the financial institution Ve por más estimated that year-on-year growth in the CPI could close the year slightly below current levels, and noted that upside risks and significant uncertainty remain, particularly due to external factors such as tariffs imposed by the United States.
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