Impact of COVID-19 on Mexico Economy Market Trends, Growth, Analysis and Forecast - 2025

Mexico, a Latin American country reported its first cases related to COVID-19 at the end of February 2020. Till 9th April 2020, around 3,200 cases and 175 mortalities have been registered in the country due to the COVID-19 pandemic. As per the International Monetary Fund, the country is the second-largest Latin American economy with a GDP of $1.3 trillion in 2019. The country showed modest GDP growth of 1.1% in 2019.

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Key companies operating in Mexico whose business operations are affected due to COVID-19 include Aerovías de México, S.A. de C.V., General Motor Co., Interjet Airlines, Toyota Motor Co., Transportes Aeromar, S.A. de C.V., Volkswagen AG, Grupo Posadas SAB de CV and so on.

The impact of COVID-19 pandemic on Mexico's economy is studied by classifying the economy into energy, healthcare, retail & e-commerce, aviation, manufacturing, travel & tourism, and other verticals. Most affected sectors in the country include aviation, tourism, and other temporary works. As per the National Tourism Business Council (CNET), the tourism sector provides employment to 4.0 million people in the country. Due to COVID-19 pandemic around 4,000 hotels with a capacity of 52,000 rooms along with 2,000 restaurants have been closed in the country. Moreover, as an estimate, the aviation industry has a loss of around $1.3 billion due to the grounding of planes due to COVID-19 in Mexico. The cruise industry has also affected significantly due to the pandemic.

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The COVID-19 outbreak results in a major slowdown in all major economies due to which the export of the country has been affected. Mexico is the 2nd largest good supplier in the US. As per official data, Mexico exported goods of $346 billion in 2018 which was 10.6% higher YoY. Besides, as per the International Organization of Motor Vehicle Manufacturers, the country is the sixth-largest vehicle manufacturer with around 4.0 million vehicle production in 2019. Due to the free trade agreement, the country is one of the most favorable locations for European auto manufacturers. Up to $4,000 can be saved when a $25,000 car is exported to the EU due to tariff advantage. As Europe is affected significantly, the country’s automotive exports are expected to hit considerably in 2020.

Numerous manufacturing companies have shut down their operations due to the coronavirus. On March 18th Ford Motor Co., Honda, and Audi announced to shut down their manufacturing plants in the country. Honda has announced to keep its plants shut till the start of May 2020. Moreover, Mazada also shut down its single manufacturing plant for 10 days on March 24 due to the pandemic in the country.

Verticals Affected Most

• Electronics
• Energy
• Healthcare
• Retail & E-commerce
• Aviation
• Manufacturing
• Travel and Tourism Others (Construction, Automotive)

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