Santa Fe Manufacturing Plunges 14.9% in February to Second-Lowest Level Since 2016

Overview

• Factory output in Santa Fe fell 14.9% year over year in February 2026, slipped 2% from January, and hit its second-lowest mark in the series that began in 2016, with 76% of branches shrinking, according to the provincial industry group Fisfe.
• Key pillars of the provincial economy slumped, led by vehicles down 39.1%, farm machinery down 37.7%, oilseed crushing down 30.3%, auto parts down 22.1%, and general machinery down 17.5%.
• Exports of manufactured goods from Santa Fe dropped in the first two months of 2026, falling 19.6% by value and 11.7% by weight, which cut an important outlet for local producers.
• Fisfe links the slide to weaker domestic demand as real wages lag prices, a stronger peso that favors imports and hurts exports, and high interest rates that raise the cost of credit for working capital.
• Labor indicators are deteriorating as well, with official risk-insurance data showing about a 6% drop in manufacturing employers and covered workers from late 2023 to late 2025, and recent payroll records showing Santa Fe shed 3,800 registered private jobs.