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 |
Sample Report
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
Economic News
-
Mexico: Inflation comes in at highest level since April in September
October 7, 2021
Consumer prices rose 0.62% in September over the previous month, picking up from August's 0.19% rise.
-
Mexico: Growth in remittances accelerates in August
October 4, 2021
Remittances totaled USD 4.7 billion in August, representing a 32.7% year-on-year expansion.
-
Mexico: Consumer confidence picks up in September
October 4, 2021
Consumer confidence came in at 43.4 in September, up from August's 42.6.
-
Mexico: Manufacturing and non-Manufacturing PMIs fall in September
October 1, 2021
The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) fell to 49.8 in September from 50.8 in August.
-
Mexico: Banxico delivers third consecutive rate hike in September
September 30, 2021
On 30 September, the Governing Board of the Bank of Mexico (Banxico) opted to hike the target for the overnight interbank interest rate by 25 basis points to 4.75%, following August’s 25 basis-point increase.
© Copyright: 2021. | Mexico Current Account | Privacy Policy | Cookies Policy | Terms & Conditions | Sitemap | RSS feed
