• MANUFACTURING: Mexico’s manufacturing sector suffered a record fall of 30.5% in April from March as the effects of the coronavirus pandemic shutdown settled in, according to new figures by Mexico’s statistics agency (INEGI). This is the sharpest drop on records that go back to 1980.
• AUTOMOTIVE: Among individual industries, Mexico’s powerful automotive industry took one of the hardest blows with transportation equipment manufacturing falling 81.1% in April from March. In April, auto plants across North America including Mexico entered into region-wide shutdown.
• MATERIALIZATION: “Although a behavior of this nature (in the sector) was already anticipated, the fact that this very significant damage materialized in April is still unfortunate news for the economy”, Monex financial group said in a research note after the numbers were published.
• OTHER INDUSTRIES: Along with the auto sector, other Mexican manufacturing industries hardest hit by the coronavirus paralysis in April included textile fabric manufacturing falling 73.9% from March and leather products manufacturing falling a staggering 84.9 from March.
