LatinNews Daily - 28 April 2023

In brief: Mexico records trade surplus in March as exports rise

*Mexico’s national statistics institute (Inegi) has released new figures which show that the country registered a trade surplus of US$1.17bn in March 2023, compared to a surplus of US$104m in March 2022. In the first three months of 2023, the trade balance has presented a deficit of US$4.8bn, following a deficit of US$1.84bn in February and US$4.12bn in January. The surplus in March was driven by a 3.2% annual increase in exports, which reached US53.56bn. Non-oil exports totalled US$50.98bn – up 5.5% year-on-year – while oil exports totalled US$2.58bn, a yearly decrease of 27.6%. Non-oil exports to the US grew by 6.2% year-on-year, indicating the impact that nearshoring is having in Mexico. Meanwhile, imports totalled US$52.39bn, a yearly increase of 1.1%. Non-oil imports grew by 2.23% year-on-year, while oil imports fell by 8.2%.

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