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China Trade Data, Mexico To Debate 2024 Spending Budget Bill

LATAM
  • CHINA: MNI (Beijing) China's exports decreased further in October, falling 6.4% to mark a sixth straight monthly fall. The decline was worse than the consensus looking for a 3.5% decrease and registered below September's 6.2% decline. The slide was driven mainly by the unstable external demand, data released by Customs Tuesday showed. Exports in the first ten months of 2023 totalled USD2.79 trillion. The U.S. still ranked the biggest export market, although exports growth declined 15.4% y/y.
  • MEXICO: At 10am local time, the lower House will hold a debate on specific items of the government’s proposed 2024 spending budget bill, after approving it in general terms. As a reminder, the fiscal deficit of President AMLO’s administration will widen next year as it expands support for state oil company Pemex and social programs ahead of general elections. Opposition lawmakers criticized the budget proposal for not including greater resources for Acapulco’s reconstruction following Hurricane Otis.
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