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Mexico Trade January 2024

Mexico: Merchandise exports drop in January

Merchandise exports fell 1.5% year-on-year in January (December: -0.1% year-on-year), on the back of lower vehicle exports. Meanwhile, merchandise imports declined 1.0% over the same month last year in January (December: -6.9% yoy), due to far lower oil imports.

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 4.3 billion shortfall in January (December 2020: USD 4.2 billion surplus; January 2023: USD 4.1 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 5.7 billion deficit in January, compared to the USD 5.5 billion deficit in December.

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