Credit for the purchase of durable consumer goods experienced a 38.7% annual real increase in September, slightly surpassing the 38.1% from the previous month. This increase was primarily driven by the automotive sector, which recorded a 44.7% annual real growth, marking its steepest rise since February 2012.
The Mexican Association of Automotive Distributors (AMDA) indicated that from January to September, the share of credit in retail purchases of new vehicles reached 70%. This demonstrates the strength of automotive credit in the country.
In another sector, personal loans showed resilience by increasing 8.4% annually in September, following two months of growth at 8.3%.
Overall, the current credit portfolio grew by 7.1% annually in September, totaling 6.56 trillion pesos. Of this total, 52.1% is allocated to businesses and individuals with business activities, 24.4% to consumer credit, and 21.2% to housing.
Specifically, bank credit for consumption maintained solid growth with a 12.7% annual increase in September. This growth has been sustained for 33 consecutive months, with double-digit annual increases in the last 19 months.
James Salazar, deputy director of economic analysis at CIBanco, highlighted the resilience of consumer credit, although he noted that this increase has not necessarily been reflected in consumption. He attributed this trend to families seeking to maintain a level of disposable income amid the loss of strength in employment and real wages.
On the other hand, housing credit accelerated to a 2.8% annual real increase in September, up from 2.6% the previous month. However, a decline in credit origination is expected in the future due to high real rates, growth below trend, and political and legislative uncertainty.
Despite capitalization levels remaining high and delinquency being controlled, analysts point out that uncertainty about the future could affect credit demand in the country. The sustainability of the growth trend in credit in Mexico is questioned, especially in an environment of lower projected economic growth for the coming years.
