México - Cuenta corriente

Mexico’s current account shifted to a USD 5.14 billion surplus in the second quarter of 2019 from an upwardly revised USD 3.19 billion deficit in the corresponding period of the previous year and well above market consensus of a USD 3.22 billion shortfall. It was the largest current account surplus on record, as the goods account swung to a USD 4.92 billion surplus from a USD 2.78 billion gap and the services shortfall narrowed to USD 1.25 billion from USD 2.43 billion. Additionally, the secondary income surplus widened to USD 9.21 billion from USD 8.84 billion a year earlier. Meanwhile, the primary income deficit rose to USD 7.74 billion from USD 6.82 billion.

Mexico’s current account gap shrank to USD 5.63 billion in the first quarter of 2019 from USD 9.80 billion in the corresponding period of the previous year. The services deficit narrowed sharply to USD 0.19 billion from USD 1.63 billion in the three months to March of 2018; the primary income shortfall fell to USD 11.08 billion from USD 13.41 billion and the secondary income surplus widened to USD 7.49 billion from USD 7.01 billion. On the other hand, the goods gap went up to USD 1.86 billion from USD 1.77 billion a year earlier.

Mexico's current account deficit widened to USD 3.42 billion in the fourth quarter of 2018 from an upwardly revised USD 1.94 billion in the same quarter of the previous year and compared with market expectations of a USD 3.30 billion shortfall. The goods deficit advanced to USD 3.54 billion from a USD 1.87 deficit in the fourth quarter of 2017 and the primary income gap increased to USD 6.78 billion from USD 6.08 billion in the fourth quarter of 2017. Meantime, the services shortfall declined to USD 1.67 billion from USD 1.85 billion and the secondary income surplus rose to USD 8.56 billion from USD 7.87 billion. Considering full 2018, the current account balance posted a USD 22.19 billion gap compared to a USD 19.40 billion deficit in 2017.