Mexico: Current account – Deficit driven by the trade balance results

  • US$5.5bn deficit, without surprises. Deficits in goods & services and primary income, with a surplus in secondary income

  • Net borrowing of US$6.0bn in the financial account, with all categories showing net inflows

  • We expect a more modest deficit in 4Q22 with higher dynamism in goods, partially compensate by remittances and tourism

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