Mexico’s trade deficit in January hit a new record of $4.4 billion after rising 27% on a year earlier. A larger-than-expected 14% rise in imports is the main culprit, but was not only due to a 15% rise in fuel shipments. A 19% surge in capital goods imports, compared to 5% the month earlier, was the fastest rate of growth since June 2015. That would imply a marked step-up in trade with China – it accounts for 27% of imports of electricals and electronics but only saw a 1% uptick in December. It remains to be seen whether the deficit with the U.S., a critical part of the ongoing ...