The current account of Mexico registered a surplus of 6,247 million dollars in the second quarter of the yearin contrast to the previous deficits, as revealed this Friday the balance of payments of the Bank of Mexico (Banxico).
The positive figure is compared to the deficit of 20.289 million dollars from January to March lastand the also negative data of 1,892 million dollars for the second quarter of 2022.
In this context, In the second quarter of 2023, the balance of the Mexican current account was in surplus and represented 1.4% of GDP. This contrasts with the deficit of 0.5% of GDP that was registered in the same period of 2022,” the central bank stated in its report.
It might interest you: Banxico confirms that it will maintain high rates for a long time
Banxico indicated in the report that the deficit was the result of credits for 185.922 million dollars and debits for 179.674 million dollars.
The annual expansion of the current account balance was mainly the result of a lower deficit in the oil trade balance, a higher surplus in income from remittances, and a lower deficit in the primary income balance,” he explained.
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 derived from the evolution of the items of reserve assets, portfolio investment and financial derivatives.”
However, the Mexican economy continued to attract resources by way of direct investment and other investment,” he said.
On the other hand, the balance of capital showed a deficit of 11 million dollars266% higher than the 3 million dollars in the second quarter of 2022.
While the financial account, which includes loans and net indebtedness, had a surplus of 6.875 million dollars compared to the deficit of 509 million dollars in the same period of the previous year.
The data complements that of the trade balance that was revealed last July, when it was reported that Mexico reduced its trade deficit by 50.4% to 6,439.9 million dollars in the first half of 2023, compared to the also negative data of 12,944 million dollars. of the same period of 2022.
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.
The last:
EFE International news agency based in Madrid and present in more than 110 countries.