LatinNews Daily - 29 October 2024

*Mexico’s national statistics institute (Inegi) has reported its latest figures on the country’s trade balance which show a trade deficit of US$579m September, a sharp reduction from August’s deficit of US$4.87bn. The September deficit also shrunk significantly compared to the deficit from the same month of 2023 which was US$1.50bn. The reduced deficit resulted from an increased balance in the trade of non-oil products which went from a deficit of US$3.59bn in August, to a surplus of US$641m in September. Total exports for September were valued at US$49.63bn which represents a similar figure to the same time last year. Nonetheless, oil exports fell by 44.9% year-on-year whilst non-oil exports increased by 3.3%. Meanwhile, there was also a decline in monthly imports which fell by 1.8% year-on-year to US$50.21bn, owing to a 33.8% decrease in oil imports and a 1.4% increase in non-oil imports. The total deficit for the first nine months of 2024 stands at US$11.02bn, up from a deficit of US$9.93bn recorded in the first nine months of 2023.