Mexico recorded the largest trade deficit in history

US, WASHINGTON (ORDO NEWS) — Mexico recorded the largest trade deficit in history, seasonally adjusted, as its exports declined more than imports.

In April, Mexico’s trade deficit, seasonally adjusted, was $ 4.293 billion, according to data from the INEGI National Institute of Statistics, Geography and Computer Science. In March, a trade surplus of $ 1.873 billion was recorded, in April 2019 – $ 1.51 billion.

The deficit recorded last month turned out to be the largest since the beginning of data collection in 1991, as exports declined by 37.7% seasonally adjusted and imports by 21.9%.

Mexico’s trade deficit, seasonally adjusted, was $ 3.087 billion and was the highest since January 2019.

The Bank of Mexico data showed that the current account deficit in the I quarter amounted to $ 982 million, which is equivalent to 0.4% of GDP, compared with the current account deficit of $ 11.1 billion, or 3.6% of GDP, in the first quarter of 2019.

In April, the international rating agency Fitch Ratings downgraded Mexico’s sovereign rating to a lower investment grade because of fears that the pandemic would cause a “serious recession” in Latin America’s second-largest economy.

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