FX.co ★ Mexico Industrial Output Unexpectedly Shrinks

Mexico’s industrial production fell 1.1% year-on-year in January 2026, reversing a 2.4% increase in December and sharply missing market expectations of a 1.7% gain. Manufacturing contracted by 3%, after growing 1.3% in the previous month, led by steep declines in transport equipment (-9.5%), basic metals (-8.3%), and apparel (-7.7%).

In contrast, output rose in several other sectors: construction increased 4% (down from 6.6% in December), mining and quarrying advanced 0.8% (vs 0.6%), and utilities grew 0.4% (vs 3.9%).

On a seasonally adjusted month-on-month basis, industrial production decreased 1.1%, following a downwardly revised 0.1% increase in the prior month.