LatinNews Daily - 28 February 2023

In brief: Mexico’s trade deficit down in annual terms

* Mexico’s national statistics institute (Inegi) has released new figures which show that the country registered a trade deficit of US$4.12bn in January, down from US$6.27bn in January 2022. According to Inegi, Mexico’s exports totalled US$42.59bn in January 2023, up 25.6% compared with January 2022, driven by increases of 26.9% in non-oil exports and 8.9% in oil exports. Meanwhile imports in January 2023 totalled US$46.71bn, up 16.3% year-on-year. While the trade deficit for January was down year-on-year, it nonetheless compares with a trade surplus of US$984m registered in December 2022 when exports were US$49.32bn and imports were US$48.33bn. Inegi attributed the month-on-month change to a decrease in the trade balance of non-oil products which went from a surplus of US$3.23bn in December to a deficit of US$1.29bn in January, and an increase in the deficit of the balance of oil products, which went from US$2.24bn to US$2.84bn.

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