Balance of payments

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Question 12

Table 1 – Mexico's export prices, import prices, export volumes, import volumes and current account position, 2018–22

Year	Index of export prices (2018 = 100)	Index of import prices (2018 = 100)	Index of export volumes	Index of import volumes	Balance on the current account of the balance of payments as % of GDP
2018	100	100	100	100	–1.5
2019	105	102	104	102	–1.1
2020	109	103	98	95	+0.5
2021	114	106	103	101	+1.2
2022	116	108	107	106	+0.8

Using Table 1: Explain what happened to Mexico's terms of trade over the whole period shown.

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