The wearing apparel manufacturing output in Mexico saw steady growth from 2013 to 2019, with an average annual growth rate (CAGR) peaking at 5.45% in 2019. However, 2020 experienced a significant downturn with a 31.62% decrease, attributed to the COVID-19 pandemic. Recovery began in 2021, with a pronounced 24.59% increase, continuing until 2022. In 2023, the output was slightly below 2022, reflective of nearly flat growth.
Recent trends:
- 2013-2019: Consistent growth with occasional peaks.
- 2020: Major decline due to the pandemic.
- 2021-2022: Rapid recovery post-pandemic.
- 2023: Minor dip reflecting economic stabilization.
The output in 2023 stood at 172.8 billion Mexican Pesos. Looking ahead, forecasts indicate a moderate growth trend with an average annual growth rate of 1.37% over the next five years, suggesting a gradually recovering industry.
Future trends to watch for:
- Impact of trade policies and agreements on manufacturing.
- Adoption of sustainable and advanced manufacturing technologies.
- Shifts in global supply chains and their impact on local production.
- Consumer trends towards locally produced and ethically sourced apparel.
