Home Business-new Yucatan’s exports grow, mainly in the manufacturing sector

Yucatan’s exports grow, mainly in the manufacturing sector

by Magali Alvarez
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Driven by the arrival of new investments from major brands that come to install their assembly centers, as well as taking advantage of the so-called nearshoring, Yucatan is consolidating as an entity rich in manufacturing exports in the south-southeast region.

According to the National Institute of Statistics and Geography (INEGI), in its report on “Quarterly Exports by Federal Entity”, corresponding to the second third of 2023, Yucatan has shown a 7.0 percent growth in terms of products being sent abroad.

Although it is in 25th place nationally in terms of total exports, this international trade has left Yucatan with profits of 370.5 million dollars, equivalent to 0.3 percent nationally.

Peninsular leader

Manufacturing exports
Of the total exports reported by Yucatan during the second quarter of the current year, 90 percent corresponds to the manufacturing sector, making it the state with the highest contribution in this area among the states of the Yucatan Peninsula, as Quintana Roo and Campeche report less than 5 percent.

Other states that are below are Chiapas (25 percent) and Tabasco (5 percent), showing that Yucatan is the state with the highest manufacturing in the south-southeast region.

Inegi adds that manufacturing industry is the economic activity through which raw materials are transformed into goods and articles. This sector comprises economic units dedicated mainly to the mechanical, physical or chemical transformation of materials or substances in order to obtain new products.

It is worth noting that according to the Mexican Social Security Institute (IMSS), manufacturing is currently the second sector that employs the largest number of Yucatecans formally.

According to their data on “Jobs registered by employers with the IMSS”, as of August 2023, a total of 85,948 jobs were reported in the transformation industry, just below the 89,881 workers in the commerce sector, but above the 82,589 in the services sector.

The municipalities with the highest participation in this industry are Mérida, with 41,589 employees, Umán with 12,390, Progreso with 8,939, and Kanasín with 2,967.

This industry is predominantly male, with 55,684 men working in it, outnumbering the 30,264 women. Together, both groups earn a daily average of 433 pesos per day.

Eyes on Yucatan

Yucatan’s growth in exports and manufacturing over the last few years has put the state in the spotlight of experts in these areas, thanks to the fact that the government has been in charge of disseminating its figures to businessmen, in important events of international stature.

Recently, Governor Mauricio Vila appeared at the 48th National Convention Index 2023, the most important event of the Global Manufacturing Industry in Mexico, where he surprised more than one with the results obtained in recent years, especially after the recession caused by the Covid-19 pandemic.

That is why before concluding this event, which was held between September 27 and 30, it was announced that Yucatan will host next year’s 49th edition of the Index National Convention, so that businessmen from the sector from all over the country will be in the state to corroborate the growth and development experienced by the state.

TYT Newsroom

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