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LatinNews Daily - 28 January 2025

In brief: Mexico’s trade deficit widens in 2024

*Mexico’s national statistics institute (Inegi) has released new figures which show that in 2024 the country registered a trade deficit of US$8.21bn, up 50% on a deficit of US$5.47bn in 2023. Exports in 2024 totalled US$617.1bn, up 4.1% year-on-year, while imports reached US$625.3bn, up 4.5%. According to Inegi, the widening of the deficit was due to a smaller surplus in the balance of non-oil products, from US$13.09bn in 2023 to US$1.83bn in 2024, and a decrease in the deficit in the balance of oil products, from US$18.56bn in 2023 to US$10.04bn in 2024. Inegi also gave the trade figures for December, which registered a surplus of US$2.57bn, down 39.8% from a surplus of US$4.24bn in December 2023, but up from a deficit of US$133m in November. In December, exports totalled US$51.69bn (+4.9% year-on-year) and imports totalled US$49.12bn (+9.1%).

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