Mexico recorded a current account surplus of US$2.325 billion in the third quarter of 2024, marking a notable turnaround from the US$5.5 billion deficit posted during the same period last year. The shift reflects a combination of resilient exports and sustained remittance inflows, which together offset ongoing deficits in services and income accounts.
The goods trade balance was the primary driver of the surplus, with exports—particularly in manufacturing—remaining robust. Imports also grew but at a slower pace, narrowing the trade gap and contributing to a quarterly goods surplus of US$4.8 billion. This performance underscores the continued strength of Mexico’s export sector despite global economic uncertainty.
Remittances from abroad, especially from the United States, remained a key source of foreign exchange. Inflows exceeded US$15 billion during the quarter, approaching record levels. These transfers have become an increasingly important stabilizing factor for Mexico’s external accounts, supporting household consumption and bolstering foreign reserves.
Remittances and manufacturing exports continue to anchor Mexico’s external position amid global uncertainty.
However, structural weaknesses persist. The services account posted a deficit of US$2.6 billion, reflecting outbound travel and logistics costs that continue to outpace service exports. Meanwhile, the income account remained in negative territory with a US$3.9 billion deficit, largely due to profit repatriation by foreign investors operating in Mexico.
While the current account surplus may ease pressure on the peso and support macroeconomic stability heading into 2025, its durability is uncertain. External factors such as shifts in global demand or changes in U.S. monetary policy could affect both export performance and remittance flows. Additionally, a stronger peso—if sustained—could gradually erode export competitiveness.
According to Mexico’s central bank, the current account remains within sustainable levels and is consistent with the country’s external financing capacity. Yet persistent deficits in services and income accounts point to longer-term challenges related to competitiveness and investment returns.
