What Drove Mexico’s Manufacturing Activity in November 2017



Mexico’s manufacturing activity in November

In November 2017, Mexico’s (EWW) manufacturing activity rose after falling sharply in October 2017. Its manufacturing PMI (purchasing managers’ index) rose to 52.4 in November from 49.2 in October, according to IHS Markit. The PMI figure beat the market expectation of 51.


Mexico’s manufacturing PMI strengthened in November due to the following factors:

  • production output and volume rose at a faster pace
  • overall conditions in the manufacturing sector improved, and factory output rose
  • new orders and export orders rose at a faster rate
  • employment in the manufacturing sector rose

Economic activity in Mexico has remained volatile in the past year. Whereas it improved in some months, it slowed in others. Stronger domestic and overseas (ACWI) (VTI) client demand boosted Mexico’s manufacturing PMI in November.

ETF performance in November

The iShares MSCI Mexico Capped ETF (EWW), which tracks the Mexican economy, fell 0.3% in November 2017. Over the past year, it has risen 16.2%. In the next part of this series, we’ll analyze Indonesia’s manufacturing PMI in November 2017.

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