Scotiabank
May 21, 2026
Latam Daily
Daily UpdateMacro Economic IndicatorsReal EstateIndustrialsMaterials
Mexico's commercial activity showed mixed results in March with growth in wholesale and online retail, while Peru's cement sales grew 12% y/y in April despite election season.
Key Takeaways
- 1.Mexico's commercial activity in March was mixed, with wholesale revenues rising 9.7% y/y while specific sectors like intermediation saw sharp declines.
- 2.Peruvian cement sales reached 1.08 million tons in April, a 12% y/y increase, marking the sixth consecutive month of growth despite the election period.
- 3.Peru's cement demand is being driven by self-construction activity, pension fund withdrawals, and a strong formal real estate sector.
Table of Contents
- MEXICO: COMMERCIAL ACTIVITY SHOWED MIXED SIGNALS IN MARCH
- PERU: CEMENT SALES CONTINUE TO EXPAND DESPITE ELECTION SEASON
- Outlook for 2026
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Authors
Juan Manuel HerreraJorge SelaiveEduardo SuárezRodolfo MitchellMiguel SaldañaMartha CordovaCarlos Asmat
Themes
Post-Pandemic Consumption and Commercial ResiliencePolitical Risk and Economic Decoupling
Regions
Latin AmericaMexicoPeru