In December 2024, the manufacturing PMI was 50.1%, continuing to be in the expansion range. On the supply side, the PMI production index in December was 52.1%, down 0.3 percentage points from the previous month, and the expansion slope slowed down. On the demand side, the PMI new orders index rose 0.2 percentage points to 51.0% in December, rising for four consecutive months; Among them, the new export orders index rose 0.2 percentage points to 48.3%, pointing to an improvement in both internal and external demand. Both import and export orders rebounded, and export growth may rebound in December. On the export side, new export orders rose 0.2 percentage points to 48.3% in December, marking the eighth consecutive month of contraction. The export freight rate rose slightly, pointing to the resilience of external demand is still strong, which may be related to the support of "grab exports", and the export growth rate is expected to rebound in December; At the import end, import orders rose by 2 percentage points to 49.3% in December, which verifies that domestic demand continues to improve.

Mexico imposed temporary tariffs on 138 tariff rules on textile and garment products on December 20

On December 19, 2024, Mexican President Claudia Sinbaum and Minister of Economy Marcelo Ebrard signed a decree imposing provisional tariffs on 155 textile and garment tariff categories, including a 35% import tariff on 138 tariff categories of clothing and manufactured goods and a 15% tariff on 17 textile categories. And formulate a list of prohibited imports of textiles. The new tariff decree came into force on December 20, 2024 and is valid until April 22, 2026. The tariffs would target imports from countries that have never signed a free trade agreement with Mexico.

The Mexican tariff adjustment will undoubtedly make Chinese textile factories face higher thresholds and cost pressure on their exports to Mexico. In the short term, export enterprises may be affected by the order volume, the profit margin will be compressed, and the market layout and pricing strategy need to be re-evaluated.

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