LatinNews Daily - 29 January 2024

In brief: Mexico’s trade deficit drops in 2023

*Mexico’s national statistics institute (Inegi) has released new figures which show that in 2023 the country registered a trade deficit of US$5.46bn, down 79.7% from a deficit of US$26.88bn in 2022. According to Inegi, the yearly decrease is due to an increase in the surplus in the balance of non-oil products, which went from US$8.26bn in 2022 to US$13.07bn in 2023, as well as a smaller deficit in the balance of oil products, which dropped from US$35.14bn in 2022 to US$18.54bn in 2023. In 2023, exports totalled US$593.01bn, up 2.6% year-on-year while imports reached US$598.48bn, down 1.0% year-on-year. The same report also gave the trade figures for December, which registered a surplus of US$4.24bn, a significant increase (331.6%) on the surplus of US$983m recorded in December 2022. This compares to a surplus of US$629.9m in November, and deficits of US$252.5m in October, US$1.48bn in September, and US$1.38bn in August. Exports in December totalled US$49.25bn, down 0.2% year-on-year, while imports equalled US$45.01bn, down 6.9% from 2022.

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