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
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Current Account (% of GDP) | -2.4 | -1.8 | -2.5 | -2.2 | -1.7 |
Mexico Current Account Chart
Source: Mexico Central Bank (Banxico) and FocusEconomics calculations.
Mexico Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 8.05 | -0.24 % | Mar 11 |
| Exchange Rate | 19.40 | -0.29 % | Mar 11 |
| Stock Market | 41,876 | 0.12 % | Mar 11 |
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Economic News
Mexico: Remittances heat up in January
March 1, 2019
Remittances totaled USD 2.4 billion in January (December 2018: USD 2.9 billion), a 6.5% increase from the same month a year earlier (December 2018: +6.1% year-on-year).
Mexico: Trade deficit signals improved manufacturing-sector exports in January
February 27, 2019
Merchandise trade recorded a USD 4.8 billion deficit in January, up from the USD 4.4 billion shortfall registered in the same month a year ago but in line with analysts’ expectations.
Mexico: Economic activity slams the brakes in December
February 25, 2019
Economic activity was flat year-on-year in December, screeching to a halt on the heels of November’s 1.8% increase.
Mexico: Mexico’s economy confirms cool-off through last year-end
February 25, 2019
A comprehensive estimate for economic growth in the fourth quarter of last year fell shy of analysts’ expectations and confirmed a year-end slowdown on the heels of an upbeat midyear.
Mexico: Inflation drops to over two-year low in January
February 7, 2019
Consumer prices rose 0.09% from a month earlier in January, cooling from the 0.70% month-on-month increase in December.
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