Mexico’s exports hit an all-time high in October following 13% growth on a year earlier. Yet, a 40% surge in oil product imports, part of a long-term trend relating to energy liberalization, meant that the trade deficit was 2.3x expectations. Unsurprisingly exports to the U.S. expanded, also by 13%, and outpaced imports’ 10% growth. As a result the trade surplus with the U.S. climbed to $12.3 billion. While a little below June’s record, it brought the 12 month trailing total to its highest in at least 10 years. That won’t be helpful heading into mid-December’s NAFTA talks.