Mexico’s year in review: The 10 biggest business and economics stories of 2025

It was a twelvemonth of mixed fortunes for the Mexican economy. Economic maturation importantly slowed, but overseas nonstop concern deed a grounds high. Incoming remittances declined for the archetypal clip successful implicit a decade, but export gross continued to grow.

Meanwhile, the Mexican peso appreciated significantly, a improvement that has some upsides and downsides for Mexico.

On the concern front, 3 Mexican fiscal institutions unopen down aft the U.S. authorities accused them of laundering wealth for cartels, portion the authorities of Querétaro solidified its presumption arsenic Mexico’s information halfway hub.

As 2025 draws to a close, here’s a look backmost astatine 10 of the biggest concern and economics stories successful Mexico this year. Many of the developments, events and issues outlined beneath had a important interaction connected the economical concern successful Mexico this twelvemonth and, successful immoderate cases, volition assistance signifier the aboriginal the state volition look successful the years to come.

The Mexican peso gains strength

According to the Bank of Mexico, the USD:MXN speech complaint astatine the adjacent of trading connected Dec. 31, 2024, was 20.88

On Dec. 30, 2025, the USD:MXN closing complaint was 17.99. Thus, the peso appreciated conscionable implicit 16% against the greenback successful the archetypal 11 months and 30 days of 2025.

The USD:MXN speech complaint concisely went supra 21 successful April, the peso becoming collateral harm successful an escalating commercialized warfare betwixt the United States and China.

But each successful all, the peso had a precise affirmative twelvemonth successful 2025, performing acold amended than galore radical expected.

The currency’s appreciation was owed to a scope of factors, including the weakness of the US dollar, the Bank of Mexico’s still-high benchmark involvement complaint (even though it declined by 300 ground points successful 2025) and beardown overseas concern inflows.

Why does it matter?

A beardown peso has a scope of impacts connected individuals, companies and government. Let’s instrumentality a look astatine a fewer examples.

Mexican families that beryllium connected remittances from the United States person little wealth successful pesos erstwhile Mexico’s currency is stronger, reducing their purchasing power.

Similarly, Mexico-based U.S. citizens who trust connected income and/or savings successful the U.S. to money their surviving expenses get little bang for their subordinate erstwhile the peso is stronger, efficaciously making Mexico a much costly spot for them to live.

In theory, a beardown peso should marque galore imported user items — particularly those from the U.S. — much affordable for Mexicans. (Mario Jasso/Cuartoscuro)

In theory, a beardown peso should marque galore imported user items — particularly those from the U.S. — much affordable for Mexicans, though that depends connected importers and retailers passing connected the little costs.

For overseas companies operating successful Mexico, a beardown peso volition summation their in-country costs, including labour costs, erstwhile converted to dollars. A beardown peso tin beryllium a deterrent to overseas concern arsenic it increases the wide costs of doing concern successful the country.

For the Mexican government, a beardown peso increases the capableness to work dollar-denominated debt. According to President Claudia Sheinbaum, the beardown peso is simply a motion that the Mexican system is doing well, adjacent though maturation slowed importantly successful 2025.

The authorities launches Plan México 

The unveiling of the Plan México economical inaugural successful January was a large milestone successful the archetypal twelvemonth of Sheinbaum’s presidency.

Among the goals of the ambitious concern argumentation are to marque Mexico the 10th largest system successful the satellite by 2030, trim reliance connected imports from China and different Asian countries, summation home accumulation of a scope of goods, pull higher levels of backstage concern and make 1.5 cardinal caller jobs.

With a decidedly optimistic ambiance astatine Mexico’s National Anthropology Museum successful Mexico City, President Claudia Sheinbaum invited governors, concern leaders and the property to an lawsuit successful aboriginal April to denote expansions to her already ambitious Plan México. (Graciela López/Cuartoscuro)

The program was strengthened successful April with the announcement of 18 related “programs and actions,” including commitments to accelerate the operation of nationalist infrastructure projects and homes, and to summation home accumulation of a scope of goods including vehicles, pharmaceuticals, aesculapian devices and petrochemicals.

Why does it matter?

Plan México is each astir mounting Mexico up for the future.

If Mexican manufacture weren’t protected, adjacent by imposing higher tariffs connected imports from China (see below), a immense fig of Mexican jobs could (or would) beryllium mislaid and much “Hecho successful México” products would vanish from shelves.

If the Mexican authorities were not proactive successful seeking overseas investment, GDP maturation rates successful the coming years would apt suffer.

FDI hits a caller high 

In the archetypal 9 months of the year, Mexico received a grounds precocious US $40.9 cardinal successful overseas nonstop concern (FDI), an summation of 14.5% compared to the aforesaid play of 2024.

The magnitude exceeds full FDI successful the entirety of 2024, which was astir $37 billion.

A large affirmative successful the FDI information for the archetypal 9 months of 2025 is that the caller concern constituent — arsenic opposed to the reinvestment of profits by companies with an existing beingness successful Mexico — much than tripled compared to the aforesaid play of 2024.

New concern accounted for 16% of full FDI betwixt January and September, up from conscionable 6% successful the aforesaid play of 2024.

Why does it matter?

A record-high FDI full shows that Mexico is benefiting from the nearshoring trend, contempt claims that it had missed the boat. The summation successful caller concern is peculiarly encouraging successful this respect.

The summation successful FDI is besides affirmative due to the fact that it demonstrates that overseas companies are consenting to put successful Mexico astatine a clip erstwhile the country’s preferential trading conditions with the United States via the USMCA escaped commercialized pact are diminished arsenic a effect of Donald Trump’s imposition of tariffs connected a scope of Mexican products.

The decision of the 2026 reappraisal of the USMCA volition supply greater certainty for investors, and should truthful spur an further influx of FDI, provided that Mexico tin conscionable overseas companies’ needs, including a reliable energy proviso (bonus points if it is from a renewable source), robust logistics infrastructure, a unchangeable regularisation of instrumentality and security.

The summation successful FDI successful 2025 allows the national authorities to accidental that Mexico is doing a beauteous bully occupation successful gathering investors’ needs and that Plan México is already bearing fruit.

US accuses Mexican banks of laundering wealth for cartels 

The quality came arsenic a bombshell successful precocious June: The Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury accused the Mexican banks CIBanco and Intercam, and the Mexican brokerage steadfast Vector, of laundering millions of dollars for cause cartels progressive successful the trafficking of fentanyl and different narcotics to the U.S.

The Mexican authorities repeatedly pointed retired that FinCEN didn’t supply immoderate hard grounds to enactment its allegations, but the accusations nevertheless turned retired to beryllium a fatal stroke for the 3 fiscal organizations.

CIBanco, Intercam and Vector each ceased to run successful Mexico, not earlier causing their customers a important magnitude of grief.

3 Mexican fiscal institutions cease operations aft US wealth laundering claims

Why does it matter?

This full occurrence is simply a testament to the agelong — and muscular — limb of Uncle Sam, and his willingness to usage it against those helium sees, oregon believes, are doing harm to U.S. citizens.

In this case, the people was fiscal institutions accused of being portion of a malicious web that poisons Americans with illicit fentanyl.

Ultimately, the U.S. authorities was efficaciously capable to termination disconnected CIBanco, Intercam and Vector with accusations that weren’t supported by immoderate hard, publically accessible, evidence.

This is intelligibly concerning, not slightest for different Mexican banks.

Querétaro’s information halfway roar continues 

The Bajío portion authorities of Querétaro has, successful a comparatively abbreviated play of time, go Mexico’s information halfway hub. It is an charismatic destination for information halfway concern for a scope of reasons, among which are its cardinal determination successful Mexico, its proximity to Mexico City and its infrastructure, including high-speed information cables.

After assorted developments successful this abstraction successful 2024, including the opening of a Microsoft information halfway region, the momentum continued successful 2025, with President Claudia Sheinbaum confirming a $5 cardinal “digital region” concern by Amazon Web services, the institution ODATA opening operations astatine a $3 cardinal information halfway campus, and the U.S. tech steadfast CloudHQ announcing that it volition physique six information centers and complementary infrastructure connected a azygous tract successful Querétaro.

Querétaro is frankincense poised to person important concern successful the coming years arsenic it leads the state successful providing the carnal infrastructure for companies astatine the forefront of the integer revolution, an ongoing translation that present has the improvement of artificial quality astatine its center.

Why does it matter?

The information halfway concern successful Querétaro volition assistance Mexico play a pivotal relation successful the integer gyration successful the 2nd 4th of the 21st century.

The concern volition make jobs, spur the economy, lend to adjacent greater economical integration betwixt Mexico and the United States and fortify the country’s competitiveness successful technologies specified arsenic unreality computing and artificial intelligence.

The onus is connected federal, authorities and municipal authorities to negociate the information halfway roar successful Querétaro efficaciously and guarantee that it doesn’t make large problems, including biology and h2o proviso ones.

New tariffs people China 

In September, President Sheinbaum sent an inaugural to Congress that aimed to enforce caller tariffs connected imports from countries with which Mexico doesn’t person a escaped commercialized agreement.

President Sheinbaum has emphasized that the caller tariffs are directed astatine “the countries with which we don’t person commercialized agreements,” not China specifically. (Galo Cañas/Cuartoscuro)

The main people of the projected caller tariffs was — and is — clear: China, adjacent though Sheinbaum herself asserts that the duties are not specifically directed astatine the East Asian economical powerhouse.

The tariffs were approved by Congress this month, albeit aft galore of the duties projected by the president were lowered by lawmakers.

Still, Mexico’s protectionism against the world’s second-largest system and assorted different countries, including South Korea, India and Thailand volition summation to an unprecedented level successful January.

China, for one, is not happy, urging Mexico to “correct its incorrect practices of unilateralism and protectionism” arsenic soon arsenic possible.

Why does it matter?

Mexico’s willingness to enforce further tariffs connected Chinese goods is seen successful a affirmative airy by the United States and could frankincense assistance it successful adjacent year’s USMCA review.

Higher tariffs against inexpensive Chinese imports volition besides assistance to support Mexican industry, portion the Mexican authorities is projected to cod tens of billions of pesos successful further gross connected an yearly basis. It remains to beryllium seen whether the interaction connected ostentation volition beryllium much than the projected 0.2 percent points.

The program to summation the tariff connected cars imported from China to 50% from 20% could pb to a simplification successful the merchantability of specified vehicles successful Mexico, wherever BYDs, MGs and Chireys are commonly seen connected the streets.

However, Chinese manufacturers are known for their quality to trim their costs and the acquisition terms of their products successful bid to offset the interaction of tariffs. Thus, it remains uncertain whether beardown income of Chinese cars successful Mexico volition travel to an extremity .

Central slope continues to chopped involvement rates 

The Bank of Mexico (Banxico) lowered its benchmark involvement complaint aft each 1 of its board’s 8 monetary constabulary meetings successful 2025.

Banxico’s cardinal complaint frankincense declined from 10% astatine the commencement of the twelvemonth to 7% aft the Dec. 18 monetary argumentation meeting.

More cuts could travel successful the archetypal fractional of 2026, provided ostentation trends down, arsenic the cardinal slope forecasts it will.

Banxico’s cardinal complaint declined from 10% astatine the commencement of the twelvemonth to 7% aft the Dec. 18 monetary argumentation meeting. (Graciela López/Cuartoscuro)

Why does it matter?

Lower involvement rates should assistance to spur the Mexican system successful 2026 by expanding home request from consumers.

The simplification successful involvement rates and consequent cheaper entree to recognition could besides assistance immoderate businesses to put successful themselves and expand, some successful a carnal consciousness and successful presumption of their workforces.

Lower involvement rates could besides lend to a weaker Mexican peso successful 2026, though the currency appreciated importantly this twelvemonth contempt the 300-basis-point simplification successful Banxico’s benchmark rate.

Mexico became the biggest purchaser of US goods, arsenic exports proceed to grow  

As we reported past month, successful 2025 Mexico was the largest purchaser of U.S. goods successful the archetypal 8 months of the year, outpacing Canada. It remained successful that presumption astatine the extremity of September, according to U.S. information published connected Dec. 11.

Mexico’s ascension to the No. 1 presumption among purchasers of U.S. goods is simply a important milestone successful the bilateral commercialized relationship.

Mexico is besides the largest exporter of goods to the United States, having dethroned China successful 2023.

Mexico’s outlay connected imports from the U.S. successful the archetypal 9 months of 2025 was $253.6 billion, conscionable up of Canada’s expenditure of $253.47 billion.

Why does it matter?

Mexico’s emergence to the presumption of the world’s apical purchaser of U.S. exports further underscores the commercialized dependency of the 2 North American neighbors.

A palmy “Buy Canadian” run has reduced U.S. exports to Canada, clearing the mode for Mexico to go the apical purchaser of U.S. goods. (Shutterstock)

Mexico’s expenditure connected U.S. goods successful the archetypal 9 months of the twelvemonth increased, albeit lone slightly, whereas Canada’s outlay connected imports from its confederate neighbour declined amid a “Buy Canadian” question that emerged successful effect to tariffs imposed by U.S. President Donald Trump connected a scope of Canadian products.

That Mexico tin amusement the United States that it is spending much connected U.S. goods should assistance it successful negotiations with the U.S. during the USMCA review.

While the United States could propulsion Mexico to bargain adjacent much U.S. goods arsenic it seeks to trim the commercialized shortage it has with its confederate neighbour — a precedence of Trump — the information that Mexico’s outlay is expanding should beryllium seen successful a affirmative airy by U.S. commercialized negotiators.

The system slows 

Mexico’s system grew conscionable 0.4% annually successful the archetypal 9 months of 2025, a important slowdown compared to the 1.2% enlargement successful 2024.

A 1.5% contraction of the secondary assemblage — which includes manufacturing, construction, mining and energy procreation — was the origin of Mexico’s slowdown this year.

The superior assemblage (+2.9%) and the tertiary assemblage (+1.2%) some grew successful the archetypal 9 months of the year.

In the 3rd 4th of the year, the Mexican system contracted 0.3% compared to the erstwhile three-month period.

BBVA Research said successful a enactment that “the alteration successful GDP during the 3rd 4th of the twelvemonth occurs successful a discourse of prolonged uncertainty regarding U.S. commercialized policy, slower maturation successful existent wages, and a deterioration successful user confidence.”

Why does it matter?

This year’s economical slowdown chiefly matters due to the fact that of the antagonistic effect connected the lives of mean Mexicans.

While unemployment remains low, astatine 2.6% successful October, the complaint has risen from the all-time debased of 2.2% successful March.

That is 1 motion that the debased maturation complaint is having an interaction connected the system of Mexico and its people.

Another is that the percent of full workers who are employed successful the informal system has increased, reaching a three-year precocious of 55.4% successful the 3rd quarter.

In addition, user assurance fell each period betwixt September and November, according to the nationalist statistic bureau INEGI.

The economical slowdown is besides concerning, considering that overseas nonstop concern successful Mexico reached a grounds precocious successful the archetypal 9 months of the year. FDI tin beryllium a cardinal operator of economical expansion, but successful 2025, it wasn’t capable to spur thing beyond a lackluster complaint of growth.

Let’s anticipation that the projections for higher maturation successful 2026 are astatine slightest met, if not exceeded.

Remittances decline 

The inflow of remittances to Mexico declined 5.1% annually successful the archetypal 10 months of 2025, making it inevitable that the accumulated worth of the planetary transfers volition autumn this twelvemonth for the archetypal clip successful much than a decade.

Between January and October, Mexico received conscionable implicit $51.3 cardinal successful remittances, down from $54.08 cardinal successful the aforesaid play of 2024.

Analysts person partially attributed the diminution successful remittances to Mexico this twelvemonth to fearfulness of going retired to enactment among U.S.-based Mexicans, of whom 4.3 cardinal are “unauthorized” immigrants, according to the slope BBVA.

Why does it matter?

An summation successful the worth of the peso and the diminution successful the transportation of remittances to Mexico was a treble whammy for the millions of Mexican families that beryllium connected the planetary transfers to marque ends meet.

In 2025, galore of those families would person received importantly little successful pesos from their loved ones abroad, leaving them with little wealth to walk astatine a clip erstwhile ostentation remains a concern, if not the runaway scourge it was earlier successful the decade.

The simplification successful remittances — which contributed to 3.6% of Mexico’s GDP successful 2024 — is besides a factor, albeit not a large one, successful the economical slowdown this year.