Mexico‘s Ministry of Economy reported that it is monitoring eight strategic industrial sectors in order to make decisions.

After a slight contraction at the end of 2023 and a marginal expansion in the first quarter of 2024, the Mexican economy showed modest growth in the second quarter of 2024. 

As a result, Mexico’s full-year economic projections have been adjusted downward. This is mainly due to a lower expected contribution from private investment. 

In addition, slower growth in U.S. manufacturing activity is expected. This factor will negatively impact Mexico’s economic performance throughout the year.

At the same time, the Mexican labor market continued to show dynamism in the second quarter of 2024, albeit with some signs of moderation. The national and urban unemployment rates rose to 2.7% and 3.4%, respectively, remaining at historically low levels.

Strategic industrial sectors

The Ministry of Economy said it generated strategic information on a quarterly basis on the evolution and performance of eight industrial sectors: 

• Automotive.
• Aeronautics.
• Naval.
• Electronics.
• Electrical manufacturing.
• Iron and steel. 
• Manufacture of metal products.
• Construction. 

This information is integrated in executive electronic documents. The documents are available for internal consultation. In this way, a broad and timely knowledge of the behavior of the industries is guaranteed. In addition, the problems they face are analyzed. 

With this information, institutional actions can be taken to strengthen both the industries and the domestic market.

Steel sector

During 2024, an interdisciplinary group of the Ministry of Economy has been working on the development of a foreign trade statistical platform to monitor the behavior of Mexico’s foreign trade, especially with regard to steel and aluminum products. 

In particular, the Ministry of Economy has approved temporary tariffs on 542 tariff items; mill certificates in the steel industry; adjustments to sectoral programs in the plastics industry and its manufactures; and 55 countervailing duties in various sectors.

It has also promoted the development of value chains with domestic content in the electrical and electronics, semiconductor, automotive, electromobility, medical devices and agribusiness sectors.