Mexico | Current account surplus reflects economic contraction in 4Q24

Summary

The current account surplus in the fourth quarter of 2024 was higher than the corresponding figure for the third quarter of 2024 mainly due to the surplus in the balance on non-oil related goods.

Key points

• Key points:
• The balance on oil-related goods in 2024 was USD -10,044 million vs. USD -18,561 million during 2023.
• Given the significant share of gasoline and diesel imports in the national consumption of these energy products, the aforementioned balance could have been a symptom of the lower dynamism of the Mexican economy in 2024 vs. 2023.
• Net foreign direct investment posted an increase of 5.1% YoY in 2024 when comparing advance figures.

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