The Mexican mining industry has distinguished itself as one of the most competitive in the world
A publication of great relevance is the Statistical Yearbook of Mexican Mining, as it is the main source of information in terms of value and volume of national mining production by federative entity, it presents basic indicators of mining, mining-metallurgical production, statistics by product for metallic and non-metallic minerals, steel industry and investment of companies in Mexico.
The Mexican economy will accelerate its growth rate during 2020, but it will hardly reach the average expansion of the last two decades of 2.1%. The weakness of the external market and the world economy; a lower economic dynamism in the United States, the uncertainty about the economic situation, the weakness in the market, the policy of public spending and the internal political uncertainty will generate greater pressure to carry out this expansion. For its part, gross fixed investment has accumulated negative annual rates for five months and exports have lost dynamism; which, added to the return of inflation, denotes a sign of cooling of the economy. Although most of these indicators are not exclusive to our country, since they also exist in a global context, it cannot be hidden that there are internal factors that affect the Mexican economy.
The Mexican mining industry has distinguished itself as one of the most competitive worldwide; Mexico is determined to use its geological wealth to attract mining investment and improve the performance of this industry from all key sectors. During 2019, the mining sector invested 4,657.6 million dollars, which meant a decrease of 4.9% compared to what was invested in 2018; The sector continues to be one of the productive branches that attracts the most investment to the country, indicated the Mexican Mining Chamber in its 2020 Annual Work Report. It also mentioned that, during 2019, the sector directly employed 379 thousand 93 workers; even though only 73 new jobs were generated against the 7,434 generated in 2018. Employment was one of the indicators at the national level most impacted by the economic contraction, but the mining sector managed to maintain it without affecting its workforce, increasing even by a 1.7% compared to the previous year, pointing to mining as one of the sectors with the best levels of remuneration in our country, since the average salary of workers is 39.0% higher than the national average.
The mining-metallurgical sector in our country represented 8.1% of the industrial GDP and 2.3% of the National GDP, according to INEGI figures, in 2019. The value of the mining-metallurgical production fell 5.97% compared to 2018, reaching the 228 thousand 368 million pesos (11 thousand 858 million dollars). The decrease in value is explained by the fall in the price of base metals mainly and by lower production volumes in precious metals.