Mexico’s Wholesale Trade Revenues Fall 7.8% YoY in May

Wholesale trade revenues in Mexico fell 7.8% year over year in May, marking the third consecutive monthly decline and the second steepest drop so far in 2025, according to data from the National Institute of Statistics and Geography (INEGI).

INEGI’s Monthly Survey of Commercial Enterprises (EMEC) also reported a 2.2% month-over-month decrease in revenues for the sector. Despite the downturn, wholesale employment rose 3.0% compared to May 2024, though it edged down 0.1% from April.

Gabriela Siller Pagaza, Director of Economic and Financial Analysis, Banco Base, attributed the contraction to a weakening economy and growing business caution. “The outlook is affected by expectations of softer domestic demand, global economic uncertainty, and the protectionist trade policies of the United States,” she said.

Among wholesale subcategories, the sharpest annual declines were in trade intermediation (down 15.6%), agricultural and forestry raw materials (down 13.5%), and textiles and footwear (down 11.7%). In contrast, the groceries, food, beverages, ice, and tobacco segment posted a 1.5% increase in revenues.

Retail trade, by contrast, showed positive results in May. Revenues rose 1.8% from April and 2.5% year over year. Retail employment also increased 0.1% month over month and 0.7% annually. While average monthly compensation in the sector dipped 0.1% from April, it rose 5.4% compared to May 2024.

Retail segments with the strongest annual growth included online and catalog sales (9.6%), stationery, leisure and personal-use items (9.5%), and food and beverage-related products (4.9%). Sales of hardware, paint supplies, and glass declined 3.4%.