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
|Current Account (% of GDP)||-2.5||-1.9||-2.6||-2.3||-1.7|
5 years of economic forecasts for more than 30 economic indicators.
Mexico Current Account Chart
Source: Mexico Central Bank (Banxico) and FocusEconomics calculations.
|Bond Yield||6.95||-0.24 %||Sep 04|
|Exchange Rate||19.72||-0.29 %||Sep 04|
|Stock Market||42,324||0.12 %||Sep 04|
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September 9, 2019
Consumer prices slipped 0.02% from a month earlier in August, following the 0.38% month-on-month increase in July.
September 6, 2019
Consumer confidence bounced back in August after five consecutive months of decline, with the seasonally-adjusted consumer confidence index published by the Statistical Institute (INEGI) coming in at 43.4 points, up slightly from 43.1 points in July.
September 2, 2019
Remittances totaled USD 3.3 billion in July (June: USD 3.2 billion), a 14.4% jump from the same month a year ago (June: +1.4% year-on-year).
August 27, 2019
Exports increased a firm 7.0% year-on-year in July, well above June’s 1.2% expansion and the strongest reading in nine months.
August 23, 2019
The monthly indicator for economic activity (IGAE, Indicador Global de la Actividad Económica) advanced 0.2% in seasonally-adjusted, month-on-month terms in June, following May’s flat reading.