| | |  Business News | December 2008 
Mexico Monthly Trade Deficit Hits Record $2.8B
 Associated Press
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Mexico City – Mexico says it has posted its highest monthly trade deficit on record: a negative balance of $2.8 billion in November.
The National Statistics Institute says exports dropped 16.2 percent, largely because of a drop in oil revenues. Mexico is both producing less oil and getting lower prices for it than in previous months.
Reduced U.S. demand due to the economic crisis also hurt the trade balance. Almost 80 percent of Mexico's exports go to the United States.
The institute said Tuesday that imports were also down in November, by 7.6 percent.
The deficit is the largest since comparable records were first kept in 1991. |
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