Mexico Industrial Output Rose 2.1 Percent in August (Update2)
Mexico’s industrial production rose 2.1 percent in August, less than the pace of the nation’s economic expansion, a sign that manufacturing is losing its role as the country’s main driver of growth.
The increase in output from the same month last year follows a drop of 1.1 percent in July, a government report showed. Economists expected a 2.2 percent increase, according to the median of 19 forecasts in a Bloomberg survey.
The lack of a robust recovery in Mexico’s manufacturing sector gives the central bank further incentive to cut rates in order to spur domestic demand, said economists such as Lehman Brothers Inc.’s John Welch.
“We’ve seen pretty weak numbers,'’ Welch said in a telephone interview from New York. “Even though this is better than July we are still on the decline. It’s time to ease monetary policy in a cautious way.'’
Welch predicted the Mexico’s central bank would cut the overnight lending rate another quarter point on Oct. 14. Mexico’s central bank has cut its benchmark lending rate twice since August to 9.25 percent, a half percentage point from a 29-month high of 9.75 percent. Mexico’s economy grew 3.1 percent in the second quarter from a year earlier, bolstered by an expansion in bank lending that has fueled domestic demand for consumer goods.
More: bloomberg.com
UPDATE 1-Mexico industrial production up 2.1 pct in August
Mexican industrial production rose 2.1 percent in August compared to the same month a year ago, heralding a mild recovery in the dull manufacturing sector which has been dragging the overall economy down.
The median of analysts' forecasts in a Reuters poll had predicted a rise of 2.4 percent in industrial output.
The government said on Wednesday industrial activity in the month grew 0.44 percent compared to July while key manufacturing output increased 2.3 percent in August from a year earlier.
Mexico's industrial output fell an unexpected 1.1 percent in July compared with the year
Mexico Industrial Output Probably Rose 3.9 Percent in November
Mexico's industrial output probably grew at its fastest pace in seven months in November, led by a surge in construction and automobile production.
Industrial output rose 3.9 percent in November from the same month last year after increasing 2.6 percent in October and 1.2 percent in September, according to the median of 15 economists surveyed by Bloomberg.
The pickup in industrial production indicates Latin America's second-largest economy is recovering from a slump as it benefits from stronger growth in the U.S., the buyer of about 85 percent of its exports. Industrial
Mexico's Industrial Output Probably Rose 2% in September
Mexico's industrial production probably rose 2 percent in September, the latest evidence that the expansion in Latin America's second-biggest economy is sputtering as export growth to the U.S. slows.
Output growth of 2 percent -- the median estimate of 15 economists surveyed by Bloomberg -- would be down from 2.1 percent in August. It would also mark the fifth straight month in which production growth failed to reach 3 percent. Mexico had average monthly output growth of 3.8 percent last year.
``This economy is not robust,'' Gray Newman, chief Latin American economist at
UPDATE 1-Mexico July industrial output unexpectedly falls
Mexican industrial output fell an unexpected 1.1 percent in July compared to a year ago, the first decline in four months, as manufacturing output was even weaker than forecasts, the government said on Monday.
Key manufacturing output dropped 2.1 percent in July from a year earlier, according to the finance ministry, with weakness evident in the auto industry from declining car and truck demand in the United States.
Analysts in a Reuters poll had expected a median year-on-year increase of about 2.6 percent in July industrial production. Industrial activity in July rose 0.22 percent from June.
The
Mexico Industrial Output Likely Grew 0.8% in July, Survey Shows
Mexico's industrial production probably grew less than 1 percent for a second straight month in July as Hurricane Emily forced state oil company Petroleos Mexicanos to scale back output.
Industrial output rose 0.8 percent from the year-earlier period after increasing 0.7 percent in June, according to the median estimate in a Bloomberg survey of 11 economists. The government is scheduled to release the July report today at 3:30 p.m. New York time.
The hurricane, which reduced Pemex's offshore oil output, added to a slowdown in Mexico's economy that has come as
Mexico Industrial Output Unexpectedly Dropped in July (Update2)
Mexico's industrial production unexpectedly fell in July as Hurricane Emily forced state oil company Petroleos Mexicanos to scale back output.
Industrial output dropped 1.1 percent from the year-earlier period after increasing 0.7 percent in June, a government report showed. Economists had forecast an increase of 0.8 percent in July, according to the median of 11 estimates in a Bloomberg survey.
The hurricane, which reduced Pemex's offshore oil output, added to a slowdown in Mexico's economy that has come as demand from the U.S. has eased. Industrial output in Latin America's biggest economy
Mexico auto output, exports soar in December
Mexico's auto industry output and exports soared in December as the sector continued a dramatic rebound after months of weakness.
Production in December rose 33.3 percent from the same month last year, while exports climbed 63.5 percent, the Mexican Automotive Industry Association (AMIA) said on Tuesday.
For full year 2005, production rose 6.6 percent and exports climbed 8.4 percent.
Soure: today.reuters.com
International Meat Review: Beef Exports Higher, Mexico Main Market
The USDA Foreign Agricultural Service (FAS) recently issued U.S. red meat export and import statistics for August 2005. According to the numbers, during August, U.S. exports of beef and veal cuts and beef variety meats equaled 41,516 MT. This was 7.9 percent higher than July and was 22.7 percent higher than August 2004. More specifically, exports of fresh, chilled beef totaled 12,437 MT, while exports of frozen beef totaled 3,030 MT. Beef variety meat exports during August rose 13.7 percent over July and 31.7 percent over August 2004 to 24,104 MT.
Mexico's auto output rose in August, exports declined
Mexico's auto industry posted a mixed performance in August, as production rose after two months of declines but exports continued to fall.
Mexican auto industry association AMIA said Wednesday that car makers in the country produced 150,189 units last month, up 7.2% from the same month of 2004. Exports, though, slipped 10.5% on the year to 98,512 vehicles, posting their third straight month of declines.
"Total production and exports continue to show some ups-and-downs, but we still expect a recovery in what remains of the second half (of the year)," the association said.
Domestic
Mexico economy grows 3.3 pct in third quarter
Mexico's economy grew 3.3 percent in the third quarter, dragged down by weakness in the manufacturing sector despite strong farm output.
Compared to the second quarter, gross domestic product expanded by a seasonally adjusted 2.15 percent, the government said on Wednesday.
It had predicted third-quarter growth of around 3.5 percent from the same period a year ago, while a Reuters poll of analysts produced a consensus forecast of 3.2 percent growth.
Manufacturing grew only 0.2 percent in the third quarter as sluggishness at factories, including assembly plants that supply the struggling U.S. auto industry, limited
