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LatinNews Daily - 01 March 2021

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In brief: Mexico’s trade balance improves

*Mexico’s national statistics institute (Inegi) reported that the country had a trade deficit of US$1.23bn in January, 50.2% lower than the deficit reported in January 2020. Mexico’s exports reached US$32.7bn in January, 2.6% lower than that registered in the same month of 2020, but this was offset by a 5.9% year-on-year fall in imports to US$33.9bn. Inegi attributed the fall in exports to lower demand in the US, with exports to the US falling by 1.4% year-on-year. Similarly, the fall in imports has been explained by a fall in domestic demand, particularly for consumer goods, imports of which fell by 20.5% year-on-year. Mexico posted an overall trade surplus of US$5.8bn in 2019 but last year the trade balance showed a US$35.5bn deficit, as the country’s exports fell amid the slowdown in global economic activity due to the coronavirus (Covid-19) pandemic.