Mexico’s current account registered a surplus of 2,628 million dollarsalmost 58% less than the also positive balance of 6,247 million dollars of the immediately previous period, as revealed this Friday by the balance of payments of the Bank of Mexico (Banxico).
The positive figure compares with the deficit of $6,387 million in the third quarter of 2022.
In this context, in the third quarter of 2023, Mexico’s current account balance was in surplus and represented 0.6% of GDP. This contrasts with the deficit of 1.7% of GDP that was recorded in the same period of 2022,” the central bank stated in its report.
Banxico indicated in the report that the deficit was the result of credits for 184,177 million dollars and debits for 181,549 million dollars.
The annual expansion of the current account balance in dollars was mainly a reflection of a significant decrease in the deficit in the balance of petroleum products and, to a lesser extent, greater income from remittances and a slight increase in the balance of the non-oil trade balance,” he explained.
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The central bank also reported that “the aggregate balance of the financial account implied a net loan from Mexico to the rest of the world explained, in turn, by the items of portfolio investment, direct investment and financial derivatives.”
While there was a net indebtedness for other investments and a slight reduction in reserve assets,” he noted.
On the other hand, the capital balance showed a deficit of 44 million dollars, 18.52% lower than the 54 million dollars in the third quarter of 2022.
While the financial account, which includes net loans and debts, had a surplus of 4,316 million dollars compared to the deficit of 7,011 million dollars in the same period of 2022.
The data complement that of the trade balance, which reduced its deficit by 60.7% to 10,083.5 million dollars in the first three quarters of 2023.
The balance of payments reflects payments and income from foreign exchanges of goods, services, income and transfers, and is considered one of the broadest indicators of a country.
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