Mexico Current Account Swings to Surplus in 2Q

Mexico’s current account posted a surplus of $8.93 billion in the second quarter of 2026, rebounding from a $4.46 billion deficit a year earlier. The surplus reflected a $6.35 billion surplus in the goods and services balance, a $13.25 billion deficit in the primary income balance and a $15.82 billion surplus in the secondary income balance. The goods and services surplus resulted from a $10.82 billion surplus in the goods balance, partially offset by a $4.46 billion deficit in the services balance. As a share of GDP, the current account surplus stood at 1.7% in the second quarter of 2026, compared with a 1.0% deficit in the same period of 2025.

Mexico’s current account posted a deficit of $15.88 billion in the first quarter of 2026, widening from a $13.34 billion gap in the same period of 2025 and missing forecasts of a $9.38 billion deficit. The January–March deficit reflected a $2.41 billion shortfall in the goods and services balance and a $28.06 billion deficit in the primary income balance, partly offset by a $14.59 billion surplus in the secondary income balance. Compared with a year earlier, Mexico recorded wider deficits in the petroleum trade balance, services balance, and primary income balance. Meanwhile, larger surpluses in the non-petroleum trade balance and secondary income balance helped cushion the deterioration. As a share of GDP, the current account deficit stood at 3.1% in Q1 2026, broadly stable from the 3.2% deficit recorded a year earlier.

Mexico recorded a Q4 2025 current account surplus of $7.7 billion, down from $10.8 billion a year earlier. The goods trade surplus widened to $183.4 billion (from $162.1 billion), while the services surplus rose to $20.2 billion (from $18.6 billion). Primary income climbed to $11.9 billion (from $10.2 billion), and secondary income edged up slightly to $0.331 billion (from $0.327 billion).