Mexico posts $96M trade deficit in November, lower than estimates

Mexico posted a trade deficit of $96 million in November, much lower than market estimates, the country's statistical authority announced on Friday.

The country saw a trade deficit of $47 million in the same month of last year, according to the National Institute of Statistics and Geography.

The market expectation for the November figure was to come in at more than $1.3 billion, while October's trade deficit stood at over $2 billion.

The total value of exports reached $49.3 billion in November, up 8% from the same month of the previous year, the statistics authority said in a statement. The value of imports was $49.4 billion-an annual increase of 8.1%.

There was a 10.4% drop in oil exports during November year-on-year, while an annual jump of 5.2% was seen in imports of consumer goods.