Analysts warn of economic slowdown in Mexico

By Stephen Downer
Correspondent

Published: May 31, 2013 1:47 pm ET
Updated: May 31, 2013 1:49 pm ET

Related to this story

Topics Mexico

MEXICO CITY — The Mexican plastics industry, which grew 5.3 percent last year, may slow in 2013, analysts believe, after the government acknowledged the national economy, which is largely dependent on exports, is weakening.

In a May 17 news release, the finance ministry admitted it was pessimistic about gross national product growth this year, predicting it will reach only 3.1 percent and not the 3.5 percent the ministry believed was achievable at the beginning of the year.

Commenting on the announcement, Eduardo de la Tijera Coeto, president of Mexico City plastics sector consulting business Grupo Texne, urged the industry to find substitutions for imported resins, which, he said, represent about 40 percent of the national consumption of plastics.

“Imports grew at an average annual rate of 9.7 percent between 2008 and 2012,” he said, “The market captured by imports has reached 2.3 million [metric] tonnes, worth almost $8 billion.”

“The first thing we need to do is to find out who’s importing plastics and what they’re importing,” he wrote in his weekly newsletter Carta al Industrial.

However, De la Tijera sees opportunities for the industry in the government’s national development plan 2013-2018, published in May.

“These proposals open the doors even more for us on several fronts, including one to promote the use of plastics in agriculture and the federal institutionalization of what has helped us to deflect irrational regulations against plastics over the past four years: namely production and sustainable consumption criteria for plastics.”

Mexico’s President Enrique Peña Nieto described the 183-page document as “a plan to move Mexico forward. It’s a guide for making the best ideas and proposals a reality for the benefit of society as a whole.”


Comments

Analysts warn of economic slowdown in Mexico

By Stephen Downer
Correspondent

Published: May 31, 2013 1:47 pm ET
Updated: May 31, 2013 1:49 pm ET

Post Your Comments


Back to story


More stories

Image

Mexico's Polymer Solutions looks to grow, expand offerings with name change

January 23, 2015 12:03 pm ET

British biodegradable additives developer Symphony Environmental Technologies plc's Mexico distributor has changed its name from Plásticos...    More

Image

Ineos equipment failure may affect short-term PP supplies

January 21, 2015 4:27 pm ET

A recent equipment failure at a polypropylene resin plant operated by Ineos Group could affect short-term supplies of that material in North America.    More

Image

Plastics to continue its growth curve in auto industry

January 15, 2015 5:17 pm ET

Increased use of plastics in automotive applications has been on a decades-long and incremental journey of greater acceptance, says auto industry...    More

Market Reports

Plastics in Automotive: Innovation & Emerging Trends

This special report newly released by PN and sponsored by The Conair Group examines current trends in the use of plastics in automotive, materials innovations and the changing landscape. It includes a review of legislative/regulatory activity impacting vehicle development and lightweighting, market opportunities & challenges for mold and toolmakers, innovative design strategies being implemented by major OEMs and suppliers, as well as a review of key indicators in Canada, Mexico, Brazil and China.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Injection Molding Market Analysis & Processor Rankings

Plastics News BUNDLED package contains our in-depth Market Analysis of the Injection Molding segment. You will gain keen insight on current trends and our economic outlook.

As a BONUS this includes PN's updated 2014 database of North American Injection Molders RANKED by sales volume. Sort, merge, mail & prospect by end market, materials processed, region, # of plants and more.

Learn more

Upcoming Plastics News Events

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events