Photo: Tecma Group

XINHUA

In the wake of the novel coronavirus pandemic, Mexico’s economic recovery has been “asymmetric,” with export-driven manufacturing bouncing back stronger than retail trade and services for the domestic market, the Mexican Institute of Finance Executives (IMEF) said on Monday, Nov. 2.

The IMEF’s manufacturing indicator rose 3.2 points in October compared to the previous month, to reach 50.1, indicating growth after 16 consecutive months of shrinking.

Meanwhile, the IMEF’s indicator for retail trade and services dipped 1.1 points in October compared to September, to settle at 47.7, indicating contraction for the ninth consecutive month.

“These results … confirm the recovery registered in economic activity comes mainly from the rebound in external demand,” the IMEF said in its monthly report.

“The figures from the IMEF’s indicator for October suggest that the rebound in economic activity has been asymmetric,” said the institute, which gathers financial executives from leading firms around the country.

Mexico’s economy is highly dependent on the economy of the United States, its northern neighbor and main trade partner.

…Nov. 3, 2020

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