Mexico’s international trade activity bucked the global trend with a 3.8% year over year growth in April, including a 7.5% surge in exports excluding petroleum products. Exports to the U.S. were particularly strong with an 11.7% rise. In turn that was driven by a 15.9% jump in automotive exports despite declining sales of cars and light trucks. At the same time though imports from the U.S. rose by just 2.7%. As a consequence, Mexico’s 12 month trailing trade surplus with the U.S. reached a record $86.8 billion. Given that may be taken as a sign of “unfair” trade by the U.S., overshadowin...