Mexico's January trade deficit led by oil

Mexico started out 2014 with a large trade deficit as a drop in oil exports countered gains in exports of metals, agricultural products and manufactured goods.

The National Statistics Institute reported a trade deficit of $3.2 billion last month, with exports down 1 percent from a year before to $27.04 billion.

Petroleum exports led the decline, falling 15.8 percent as state monopoly Pemex shipped out 1.172 million barrels a day of crude oil at an average price of $90.72 per barrel, compared with $1.289 million barrels a day at $100.60 a year before.

Source: MarketWatch