The country's manufacturing industry was the only sector that walked alone during 2022, showing dynamism compared to the rest of the Mexican economy.

According to seasonally adjusted data from the National Institute of Statistics and Geography (Inegi), the Manufacturing Orders Indicator (IPM) stood at 51.9 points during December last year. The result meant spinning 29 months above the threshold of 50 points, which delimits an expansion from a contraction in the activity of the manufacturing sector.

Consult here: Industrial Report Solili 4T 2022, historical numbers of industrial demand that grew 12% in 2022

The components of the MPI related to expected production, the opportunity in the delivery of inputs by suppliers and the inventories of inputs registered increases. Thus it is clear that the sector walks alone and is alien to the logic that prevails in the rest of the economy, because instead of avoiding alerts due to less dynamism, it is unaltered in a state of constant progress.

Monex reveals that if the average of the three manufacturing indicators (Inegi, IMEF and Markit) is considered, manufacturing is going through its best moment in the last three years. Said dynamism would be supported by healthy levels of current production and new orders, which shows that regional integration in North America continues to function as one of the main assets of Mexican growth.

Meanwhile, the IMEF Weighted Manufacturing Indicator stood at 5.8 points, its highest level in the last eight months. According to Monex, the convergence of the three indicators rarely yields such similar results.

Of interest: Projections and economic risks for 2023

Markit's PMI was 49.3 points and warns of strong rises in input costs. The comments in the Markit report are encouraging, revealing that manufacturing companies are seeing a recovery in demand and that, as a result, they have increased the purchase of inputs in order to meet future orders.

In any case, the risk environment continues to be balanced in the short term, which will allow the economy to start a year that looks complicated on multiple fronts, Monex said.

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