External demand: Key to economic resilience

Most members of the Governing Board of the Bank of Mexico (BdeM) considered that external demand is emerging as a source of resilience for the country’s economic activity, in contrast to the continued weakness of domestic components.

According to the minutes of the central bank’s most recent monetary policy meeting—at which it was decided to maintain the interbank interest rate at 6.5%—several members noted that non-automotive exports continued to grow at high rates, driven by investment in the US technology sector.

The minutes do not identify the board member who made the comment, but some attributed this trend to increased use of the USMCA and the restructuring of global trade.

Industrial production rebounded significantly, supported by exceptional growth in construction and a revival in manufacturing, bringing this indicator to its highest level since October 2024. However, medium-term dynamics continue to be affected by the tariff policies established in 2025.

Regarding prices, most observers noted that between April and the first half of June, overall inflation fell from 4.45% to 3.5%, bringing it back within the target range. All agreed that this decline was primarily due to the non-core component—that is, the more volatile price components.