Imported machinery and equipment rose 9.9% year on year in July, while Mexican-made machinery fell 3.1%, according to figures from Mexico’s national statistics office, INEGI. Gross fixed investment increased 6.6% from a year earlier in unadjusted terms. The machinery figures, though, show that gains varied between imported and domestic equipment.
Imported Equipment Leads
After seasonal and calendar adjustment, gross fixed investment rose 6.0% from July 2025 and 1.4% from June, INEGI reported on Monday, 5 October. The monthly indicator measures real spending on buildings, machinery and equipment used in production for more than a year. It tracks purchases of productive assets, but it doesn’t report what those assets earn or how gains are distributed.
Machinery and equipment drove the monthly increase. They rose 4.5% from June. Construction spending moved the other way, falling 1.5%, while non-residential construction declined 3.9% over the month.
On a year-on-year adjusted basis, construction spending rose 6.9%. Residential building increased 9.2%, and non-residential building rose 4.0%. Machinery and equipment increased 4.9% over the same period. These numbers cover investment spending, not employment, wages or conditions for workers in the industries involved.
Imported machinery and equipment rose 14.9% in raw terms from a year earlier. The bulletin didn’t identify the countries supplying the imports or the industries buying them. It also didn’t say why non-residential construction fell in July.
Public and Private Spending
Both private and public investment increased from July 2025 in unadjusted terms. Private investment rose 6.7%, while public investment gained 6.2%. The figures show growth in both categories, but they don’t identify the projects, firms or workers behind those totals.
The July increase followed a modest rise so far this year. From January to July, gross fixed investment was up 1.7% from the same period in 2025, unadjusted. Private investment increased 0.4%, compared with a 10.2% rise in public investment. Public spending on construction was up 12.9% over that period.
Mexican-made machinery was down 8.0% year to date. The figures show that decline alongside the increase in imported machinery, but INEGI’s bulletin doesn’t explain the causes. The report also gives no breakdown of investment by industry or information about effects on domestic machinery workers.
What the Figures Don’t Measure
INEGI, the Instituto Nacional de Estadística y Geografía, is Mexico’s autonomous statistics agency. The figures are preliminary and may change. INEGI scheduled the August figures for release on 5 November 2026.
The report also cited Polymarket odds on whether Banco de México, known as Banxico, would hold interest rates at its November meeting. At 3:05 a.m. ET on 6 October, the probability stood at 95%, about 20 points higher than a week earlier. Roughly US$25,600 had traded in that contract. A 25-basis-point cut was priced at about 2%, and a 25-basis-point hike at about 4%; total volume across the November event was about US$36,700. The report described these as real-money bets, not polls or forecasts by Banxico.