Mexico Posts Unexpected Trade Deficit as Exports Drop By Record
- $3.1 billion deficit compares with expected $2 billion surplus
- Mexican exports fell 41%, the biggest drop on record
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Mexico posted a surprise trade deficit in April as the coronavirus pandemic and an oil price slump led exports to decline at an even faster pace than imports.
The $3.1 billion deficit was a shock for economists, who expected a $2 billion surplus according to a Bloomberg survey. It was also the biggest monthly gap in over a year. Mexico posted a $3.4 billion surplus the month prior.