Mexico | Trade deficit continues reflecting low economic dynamism in 2Q24

Summary

The balance on oil-related goods in the last three quarters has averaged USD -2,086 million vs. USD -5,534 million during January-September of 2023.

Key points

• Key points:
• Given the significant share of gasoline and diesel imports in the national consumption of these energy products, the aforementioned balance could be reflecting the lower dynamism of the Mexican economy shown in the last three quarters.
• In this period the economy grew at a quarterly average rate of 0.1% vs. 0.8% in January-September of 2023.
• The current account surplus in the second quarter of 2024 was higher than the corresponding figure for the same period of 2023 mainly due to the lower deficit in the balance on services.
• Net foreign direct investment posted an increase of 3.8% YoY in the first semester of 2024 when comparing preliminary figures.

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