The most recent balance of the Monthly Indicator of Industrial Activity (IMAI), published by Inegi this February, confirms that the production of divisions related to the fashion industry concluded the 2023 financial year in the red.
The Inegi update indicates that clothing production closed in December with a drop of 6.8 per cent compared to the same month in 2022. Meanwhile, the analysis of the cumulative figure for fiscal year 2023 shows a drop of 9.6 per cent in clothing manufacturing in Mexico compared to the total produced in 2022.
The other 2 components of the manufacturing industry related to the fashion industry also maintained a negative trend.
On the one hand, “manufacturing of textile inputs and finishes” contracted its production by 8.4 per cent in December, at an annual rate. Meanwhile, in the accumulated 12 months of 2023, the contraction closed at 9.4 per cent, compared to the same period in 2022.
Finally, the “manufacturing of leather, fur and substitute materials products” recorded a significant drop of 12.4 per cent. 2 per cent in December 2023 compared to December 2022 and reduced its production by 2 per cent in the accumulated year.
It is worth noting that in the global analysis, the IMAI of the manufacturing industry showed mixed results. On the one hand, it grew by a modest 0.9 per cent in fiscal year 2023 but decreased to 4 per cent in December, at an annual rate.
