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 | 8.12 | -0.24 % | May 13 |
| Exchange Rate | 19.22 | -0.29 % | May 13 |
| Stock Market | 43,142 | 0.12 % | May 13 |
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Economic News
Mexico: Banxico holds rates in May, keeps cautious tone
May 16, 2019
At its 16 May monetary policy meeting, Banxico’s governing board unanimously voted to leave the target for the overnight interbank interest rate at 8.25%, matching market analysts’ expectations.
Mexico: Inflation climbs in April
May 9, 2019
Consumer prices increased 0.05% from a month earlier in April, easing from the 0.39% month-on-month increase in March.
Mexico: Manufacturing sector recovers somewhat in April
May 8, 2019
Mexico’s manufacturing sector appeared to recover somewhat at the outset of the second quarter.
Mexico: Consumer confidence ticks down in April, remains upbeat
May 8, 2019
Consumer confidence eased further in April, with the seasonally-adjusted consumer confidence index published by the Statistical Institute (INEGI) coming in at 113.8 points, down from 115.9 in March.
Mexico: Remittances jump in March
May 1, 2019
Remittances inflows totaled USD 2.9 billion in March, an 8.3% increase from the USD 2.7 billion inflow recorded in the same month a year ago.
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