Mexico: Trade balance – Generalized slowdown in January, with auto exports weak

  • The trade balance in January posted a deficit of US$6,286.3 million, with seasonality pointing to a wide deficit

  • Exports fell 5.3% m/m, dragged by auto exports. Imports declined 3.4%, with notable weakness in intermediate goods

  • Despite a likely rebound in February, the virus and prices maintain some risks for trade and activity, at least for 1Q22

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