LatinNews Daily - 28 March 2023

In brief: Mexico’s trade deficit decreases in monthly terms

* Mexico’s national statistics institute (Inegi) has released new figures which show that the country registered a trade deficit of US$1.84bn in February, compared to a surplus of US$1.29bn in the same month of 2022. This brings the trade deficit for the first two months of 2023 to US$5.97bn, following a deficit of US$4.13bn in January. According to Inegi, Mexico’s exports totalled US$44.93bn in February 2023, down 2.8% compared with February 2022, driven by a drop of 1.8% in non-oil exports and 19.2% in oil exports. Imports totalled US$46.78bn in February 2023, a 4.1% increase year-on-year, driven by a 3.1% increase in non-oil imports and 12.9% increase in oil imports. Inegi attributed the monthly decrease in the trade deficit to an increase in the trade balance of non-oil products, which went from a deficit of US$1.29bn in January to a surplus of US$765m in February, as well as a smaller deficit in the balance of oil products, from US$2.84bn to US$2.61bn.

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