Mexico Swings to Current Account Surplus in Q3

Mexico posted a current account surplus of USD 2.32 billion in Q3 2025, reversing a USD 2.04 billion deficit a year earlier. The secondary income balance registered a USD 16.11 billion surplus, supported by USD 16.41 billion in credits. The primary income account showed a USD 4.91 billion deficit. Meanwhile, the goods and services balance posted an USD 8.87 billion deficit, with a USD 4.28 billion shortfall in goods and USD 4.59 billion in services.

Mexico posted a current account surplus of $206 million in Q2 2025, reversing a $911 million deficit a year earlier. The improvement was driven mainly by a stronger non-oil goods balance and a narrower services deficit, partly offset by wider shortfalls in oil trade and primary income, as well as a smaller secondary income surplus. The goods and services balance showed an $887 million surplus, with a $1.72 billion goods surplus offset by an $833 million services deficit. The primary income deficit stood at $15.9 billion, reflecting $5.7 billion in credits and $21.6 billion in debits. Secondary income recorded a $15.2 billion surplus, supported by remittances of $15.3 billion, though inflows fell 11.2% year-on-year, while outflows dropped 13.6% to $299 million.

Mexico's current account deficit narrowed to $7.61 billion in the first quarter of 2025, from $22.207 billion registered in the same period of the previous year and compared to 12.8 billion surplus in Q4 of 2024. The goods account swung to a surplus of $1.029 billion from a deficit of $2.745 billion, while the primary income deficit narrowed, from $32.532 billion to $23.304 billion. On the other hand, services swung to a surplus of $510 million from a $885 million gap, and the secondary income surplus rose from $13.956 billion to $14.153 billion.