Mexico’s international trade activity growth accelerated to 5.9% year over year in January from a 2.0% increase in December. Both exports and imports improved with growth of 5.7% and 6.1% respectively resulting in the largest trade deficit since at least 2006. A 6.6% expansion in energy imports compared to a decline in exports will provide a further prompt for the Lopez-Obrador administration to push CFE and Pemex to reduce Mexico’s reliance on outside energy supplies. Trade with the U.S. meanwhile saw an acceleration in growth to 12.2% year over year, providing a reason for the Mexic...