Latam Daily: Mexican Retail and Wholesale Trade RecapGLOBAL ECONOMICS

中文标题

拉美日报：墨西哥零售与批发贸易回顾 · 全球经济

Scotiabank Economics09/22/2026updated 10/17/2026

Citable research brief

Core conclusion · Tlines extraction

Mexico's July commercial activity was resilient but slowing: wholesale revenues +6.4% y/y and retail +1.8% y/y in real terms. Wholesale wages +5.2%, retail wages +8.3%. Sector detail was mixed: machinery/equipment +9.3% and raw materials +7.7% led wholesale, while intermediation fell 21.9%; retail household goods/computers/used items rose 8.4%, groceries/food/beverages fell 2.3%. Employment stayed weak: wholesale personnel -0.8%, retail +0.6%.

Institution: Scotiabank Economics
Published: 09/22/2026
Research topic: Not explicitly stated
Time horizon: Not explicitly stated

Key arguments

Commercial activity slowed in July despite still-positive revenue growth.
Wholesale outperformed retail on revenues, but sector performance diverged sharply.
Employment weakness persisted even as wages and revenues rose.

Key numbers

Wholesale revenues (real y/y): 6.4%
Retail revenues (real y/y): 1.8%
Wholesale wage growth (y/y): 5.2%
Retail wage growth (y/y): 8.3%

Main risks

Employment contraction in wholesale and tepid retail job growth could cap future spending.
Weakness in intermediation and groceries signals uneven domestic demand.
Data revisions or sector reclassifications may alter the picture.

Corresponding source evidence

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