Mexico’s international trade activity fell 2.0% year over year in August, worsening from growth of just 1.5% in the prior three months on average. While there was good news in the form of export growth of 5.0% – which has come despite weaker export revenues for Pemex – imports dropped by 5.9% in total and by 3.7% excluding oil products. Of most concern is a 14.0% year over year drop in exports of capital goods in August. The decline was led in dollar terms by weaker imports of transmission systems, centrifuges and pumps which suggest slower investment across the board, but particularly i...