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. Current Account in Mexico averaged -2086.97 USD Million from 1960 until 2019, reaching an all time high of 5142.70 USD Million in the second quarter of 2019 and a record low of -11408.50 USD Million in the first quarter of 2017.
Current Account in Mexico is expected to be -5000.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in Mexico to stand at -4200.00 in 12 months time. In the long-term, the Mexico Current Account is projected to trend around -4500.00 USD Million in 2020, according to our econometric models.