Current Account in Mexico
Mexico - Current Account
Current account deficit widens amid recovering domestic demand
The current account registered a deficit of USD 1.8 billion in the third quarter, which was larger than the previous quarter's deficit of USD 0.6 billion, but smaller than the USD 3.6 billion deficit incurred in the same quarter last year. Moreover, the reading came in above market expectations, which had the current account deficit reaching USD 3.0 billion in the third quarter. The quarterly figure was mostly led by a widening of the trade balance deficit (Q2: USD 0.1 billion; Q3: USD 2.3 billion). Exports reached USD 75.5 billion, which represented a minor improvement over the previous quarter (Q2: USD 74.7 billion) while imports rose more markedly form USD 74.7 billion in the second quarter to USD 77.8 billion in the third quarter. Furthermore, a wider deficit in the services balance also contributed to the deterioration of the current account, as it increased from USD 2.7 billion in the second quarter to USD 3.0 billion in the third quarter. Yet, the widening deficit was partially offset by an improvement in the income balance deficit (Q2: USD 3.8 billion; Q3: USD 2.1 billion). Meanwhile, the transfers balance fell from a USD 5.9 billion surplus in the second quarter to a USD 5.6 billion surplus in the third quarter, driven almost entirely by lower remittances from workers abroad, which dropped to USD 5.5 billion (Q2: USD 5.8 billion). Owing to the moderate quarterly reading, the moving annual current account deficit shrank from USD 5.3 billion in the second quarter to USD 3.5 billion in the third quarter.
Mexico - Current Account Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Current Account (% of GDP) | -2.7 | -2.3 | -1.8 | -2.1 | -0.3 |
Mexico Current Account Chart
Source: Mexico Central Bank (Banxico) and FocusEconomics calculations.
Mexico Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 6.87 | -0.24 % | Dec 31 |
| Exchange Rate | 18.93 | -0.29 % | Jan 01 |
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Economic News
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Mexico: Consumer sentiment rises in December
January 8, 2021
Consumer confidence rose in December last month’s slight dip, with the seasonally-adjusted consumer confidence indicator published by the Statistical Institute (INEGI) coming in at 38.1 points, up from November’s 36.7 reading.
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Mexico: Inflation inches down to lowest level since May in December
January 7, 2021
Consumer prices increased 0.38% in December over the previous month, picking up from November's 0.08% increase.
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Mexico: Manufacturing PMIs drop further into contractionary territory in December
January 4, 2021
The seasonally-adjusted manufacturing Purchasing Managers’ Index (PMI) produced by the Mexican Institute of Financial Executives (IMEF) inched down to 48.7 in December from 48.9 in November.
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Mexico: Growth in remittances gains speed in November
January 1, 2021
Remittances amounted to USD 3.4 billion in November, representing a 15.6% year-on-year expansion.
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Mexico: Merchandise exports rise at a more moderate pace in November
December 24, 2020
Merchandise exports rose 2.3% annually in November (October: +2.9% year-on-year).
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