In its most recent report, the National Institute of Statistics and Geography (Inegi) published that industrial production in March had a growth of 2.6% compared to the same month a year ago.

In detail, an analysis by Grupo Financiero Banorte cites that the monthly increase was 0.4%, with weak mining (-0.6%) and a significant rebound of 3.7% in construction compared to last February.

Manufacturing lost some dynamism (-0.2%) possibly due to additional disruptions in trade, say analysts Juan Carlos Alderete, Francisco Flores and Yazmín Pérez, from the bank.

Within, all three sectors were higher, with construction leading (4.4%), while civil engineering rebounded 1.7%. “We believe that the latter was benefited by the work prior to the official inauguration of the Felipe Ángeles International Airport on March 21,” say the specialists.

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The president of the CMIC, Francisco Solares, recently said that factors such as insecurity problems, high bureaucratic burdens and the inflation of supplies of up to 17% per year, with rods and steel among the most pressured goods, influenced this.

For its part, the dynamism in financing could moderate due to the rise in interest rates, especially for the private sector.

Banorte's latest bank credit report showed that mortgage loans advanced 3.4% in their annual comparison in real terms in March, maintaining some stability, although remaining weak in the low-income segment.

The increase in industrial activity is generally better than the result implied for March within the preliminary first quarter GDP. With the revisions to previous data, the advance for the entire quarter was 3.1% annual above said report.

Unfortunately, activity has not fully recovered two years into the pandemic, standing 1.4% below February 2020 and -5.2% from the all-time high in September 2015.

In the opinion of Banorte analysts, additional inflationary pressures – with producer prices excluding oil accelerating at 9% annually in the period – continue to affect some sectors.

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Logistics problems – especially in maritime transport – worsened after that date, affecting supply chains again. In this sense, the Secretary of Economy, Tatiana Clouthier, said that the industry is facing delays of up to 60 days in shipments from China for this.

This week, Shanghai announced even tougher restrictions, which could result in further delays. Although several companies are looking for new suppliers, it is not so simple or fast to carry it out. Risks are clearly skewed to the downside even though manufacturing has been resilient so far.

In Solili you can consult industrial warehouses available in Ciudad Juárez, Monterrey and Tijuana

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