Economy & Business - September 2022

MEXICO: Despite recovery, mining sector faces difficulties for growth

Mexico’s mining chamber (Camimex) released its yearly report on 23 August, stating that the sector grew 7.1% during 2021. Camimex chairman Jaime Gutiérrez pointed out that mining was the only industry to have grown beyond its pre-pandemic levels despite having to close operations in 2020 because it was not considered an essential activity. However, this performance was the result of an increase in the average price of the main metals that Mexico produces - itself the result of uncertainty and volatility in the international financial system - rather than the expansion of the industry itself.

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