The effects of COVID-19 were certainly felt in this industry, but it’ll recover.
It has not been a great year for the world industry in general. The pandemic froze basically all manufacturing processes, leading to big losses. Such was the case of the textile industry in Mexico that suffered a drop of around 77%. It may be bitter, yes, but it’s not hopeless.
This July the industry is being reactivated in Mexico and, according to the National Chamber of Clothing Industry (CANAIVE), Guanajuato’s
Appart of not being considered as essential, the textile industry was mostly affected because people, naturally, seeked to preserve their economies by buying only what was needed. Clothing, fabrics, etc. were amongst the first things families stopped buying when the pandemic started.
Nonetheless, the textile industry is getting thrusted by the implementation of the USMCA. According to Eugenio Salinas, secretary of the Mexican Strategic Advisory Council for International Negotiations, this industry’s manufacturing processes will become quite flexible under the new FTA.
“This treaty has the potential to become an economic growth pillar for the country, as was NAFTA. Furthermore, it will bring the opportunity to generate a better balanced form of development with the USA and Canada.” Stated Berenice Egure, KMPG partner of International Trade and Customs.
The textile industry might have taken some blows during the past couple of months, but didn’t we all? However, the industry has a good projection on rebounding back, making it a great decision to set shop in Mexico. Hence, here at VYNMSA we would like to assist you in settling in this country.
With over 30 years of experience, we are one of the leading industrial real estate developers in Mexico and have delivered over 450 projects to fully satisfied customers. Plus, we have 20 inventory buildings ready for immediate occupancy, which means a total space of 1.5 million Sq.Ft. across Northeast and Central Mexico. We’re also fully equipped to assist you in developing your BTS projects, with lease and sale solutions that always have a win-win approach.
Contact us and set shop in Mexico with VYNMSA where the textile industry is bound to come back stronger than ever.