The production volumes of textiles in Mexico, expressed in billion Mexican Pesos, saw varied year-on-year changes from 2013 to 2023. Specifically, after an initial decline of -1.25% in 2013, the industry displayed fluctuations, with notable growth periods like the 5.06% increase in 2015 and a sharp 20.12% rise in 2021, which followed a steep decline of -17.25% in 2020 due to the pandemic. In 2023, the industry stood at 123.63 billion Pesos, experiencing a slight -0.29% contraction from 2022, consistent with its -0.29% decrease from the previous year.
Forecast data from 2024 to 2028 project a gradual decline in production volumes with a compound annual growth rate of -0.24%, resulting in an overall forecasted reduction of -1.19% over the next five years.
Future trends to watch for include the potential impacts of global supply chain adjustments, shifts in trade policies, technological advancements in textile production, and evolving consumer preferences towards sustainable and eco-friendly products. Companies might need to adapt by innovating and possibly exploring niche markets to sustain growth.
