The manufacturing and export industry in Yucatán is set to wrap up 2024 on a high note, with new factories, job growth, and nearly $2 billion in sales. This is according to Alejandro Guerrero Lozano, the local president of Index, who provided an overview of the region's import and export activity.
Despite initial challenges in the first half of the year due to lingering effects of the pandemic, the industry managed to rebound. These challenges included increased costs for raw materials and inputs, a 20% wage hike, and a dollar exchange rate significantly lower than its value three years prior.
The first half of 2024 was particularly challenging due to the low dollar exchange rate, with fluctuations between $16.35 and $17.30. However, the situation improved in the second half of the year. "The latter half was better for us, with some sectors exporting more in July, August, and the final months of the year. The improved exchange rate benefited the export sector and lessened the damage we had incurred," said Guerrero Lozano.
The Manufacturing and Export Industry Association (Index Yucatán) is optimistic about surpassing the $1.7 billion reported in 2023. This year, they expect to exceed $2 billion in exports, setting a new record for Yucatán. These sales are primarily to the United States and are driven by the opening of new export industries and consistent sales. Additionally, some factories like Falco Electronics have expanded their production lines, contributing to the overall growth.
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