The production of textiles, wearing apparel, and leather products in Mexico has shown a generally upward trend from 2013 to 2023, growing from 324.89 billion Mexican Pesos to 463.76 billion Mexican Pesos. The sector experienced a significant dip in 2020, falling by 14.93% due to external factors likely related to the COVID-19 pandemic. However, it rebounded strongly in 2021 with a 23.36% increase. From 2022 to 2023, the year-on-year variation stabilized to around 2%.
As of 2024, forecasted data indicates continuous growth, predicting the production value will reach 515.7 billion Mexican Pesos by 2028. The compound annual growth rate (CAGR) for the next five years is estimated at 1.67%, leading to an overall growth rate of 8.64% from 2024 to 2028.
Future trends to watch for:
- Technological advancements in manufacturing processes.
- Shifts in global trade policies affecting import and export dynamics.
- Increasing emphasis on sustainability and eco-friendly production methods.
