The S&P Global Mexico Manufacturing PMI dipped 0.1 points from the previous month to 51.1 in June 2024, marking the ninth consecutive month of overall improvement in manufacturing conditions, albeit at a slower pace.

While new orders continued to rise for the fifth consecutive month, domestic sales supported modest output growth despite challenges like raw material scarcity, customs delays, and geopolitical tensions.

However, exports declined further, influenced by weak demand from key markets like Chile, China, France, and the US. Employment decreased for the second consecutive month, with some firms converting full-time roles to part-time amid economic uncertainties.

Input costs surged, pushing output charges to their highest level in 21 months, reflecting persistent inflationary pressures.

Capacity constraints persisted, with backlogs rising sharply, underscoring operational challenges faced by Mexican manufacturers amidst global economic complexities.

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