Forecasts For Mexico's Manufacturing Industry in 2023

According to a report by Engen Capital, the manufacturing industry will be one of the main drivers of the Mexican economy in 2023, with an estimated growth of 4.1%.

It is worth mentioning that the manufacturing sector is one of the most important in Mexico, representing more than 18% of GDP and is the main exporting industry with 87%.

However, the firm notes that although the progress of the country's manufacturing sector has been evident, emerging from the crisis of 2020 and now experiencing a new stage of expansion, 2023 would see a slowdown, but this sector would rebound from 2024 onwards.

Automotive Industry

Francisco González, Executive President of the National Auto Parts Industry -INA, estimates that auto parts production will reach 108.874 billion dollars in 2023, while in 2024 it will exceed the 110-billion-dollar threshold. 

For his part, José Zozaya, Executive President of the Mexican Association of the Automotive Industry-AMIA, the projected numbers for the automotive industry show a conservative, but increasingly favorable performance.

"2022 could end with an annual production of 7.6 %, higher than in 2021, while in 2023 there would be an increase of 6.6 % against 2022. As for exports, we expect that in 2022 we will reach a growth of 5.1 % and by 2023 an increase of 7.2 %, compared to the respective previous years," he noted

The Aerospace Industry

The Mexican Federation of the Aerospace Industry -FEMIA forecasts that by the end of 2023, the pre-pandemic export levels of 9.6 billion dollars will be recovered.

"The aerospace industry expects to reach revenues of over 8 billion dollars with a growth of between 18 and 20% in 2022 compared to last year," said Luis Lizcano, Executive President of FEMIA.

The executive added that the aerospace industry could reach pre-pandemic levels between 2023 and 2024.

"The Aerospace Industry will have a high growth trend for the period 2022-2025, during these years there will be an average growth of 15.2 %, higher than the 14 % annual average of 2004-2019," said Lizcano.