Mexico City, February 24. The Mexican current account deficit increased by 63.52% in 2022, rising to 13,423 million dollars against the also negative figure of 8,209 million dollars in 2021, as revealed this Friday the balance of payments of the Bank of Mexico (Banxico).
Moreover, as a proportion of gross domestic product (GDP), in 2022 the current account deficit stood at 0.9%, higher than the 0.6% in 2021.
Banxico said in its report that the deficit was the result of credits for $706.355 million and debits for $719.779 million.”
“The negative balance of the current account in 2022 results from the combination of a deficit in the balance of goods and services for 41,460 million dollars, a deficit in the balance of primary incomes for 30,032 million dollars and a surplus in the balance of secondary income. revenue for $58,068 million,” he said.
The central bank also explained that the phenomenon reflects “the significant increase in the oil commodity balance deficit and the decrease in the non-oil commodity balance surplus.”
This was “partially offset by the momentum that remittance and travel income continued to show.”
On the other hand, the capital balance shows a deficit of $72 million, or 50% more than the $48 million of 2021.
While the financial account, which includes borrowings and net borrowings, showed a deficit of $12,784 million, or 1,315% more than the $903 million of the previous year.
The data complements that of the trade balance that was revealed last January, when it was reported that the Mexican economy had a trade deficit of $26,421.2 million in 2022, a figure 141.5% higher. to the also negative data of 10,939 million dollars in 2021. .
The balance of payments reflects payments and income from foreign trade in goods, services, income and transfers, and is considered one of the broadest indicators of a country.