Overview
- INDEC reported industrial capacity utilization at 53.6% in January 2026, down from 55.0% a year earlier and the lowest January reading since 2002.
- Sectors tied to local demand showed the deepest strain, with textiles at 23.7%, automotive at 24.0% and metalworking at 31.4%, while refining (86.8%), basic metals (67.6%) and chemicals (64.8%) remained relatively stronger.
- Santa Fe’s manufacturing output fell 9.7% year on year in January, with steep drops in vehicles (-74.7%), steel (-35.6%) and agricultural machinery (-32.1%), and two‑thirds of branches posting lower activity, according to Fisfe.
- Santa Fe’s industrial exports declined sharply, as manufactures of industrial origin fell 20.2% in value and their share of provincial exports slid to 4.6%, the lowest in the historical series, reflecting a marked shift toward agro‑based sales.
- Mexico’s industrial production also weakened in January 2026, falling 1.1% month over month and 1.1% year over year, with INEGI citing a manufacturing contraction of roughly 3% despite gains in construction and mining.