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The trade surplus in 2Q25 is mainly due to the positive balance on non-oil-related goods, which in the second quarter of 2025 was USD 8,893 million after having posted a surplus of USD 4,730 million in the first quarter.

The trade surplus in 1Q25 is mainly due to the positive balance on non-oil-related goods. Net foreign direct investment posted an increase of 3.4% YoY in 1Q25 when comparing advance figures.

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.

The trade balance reversed its behavior of the end of last year and posted a deficit in the first quarter of 2024. Given the stylized fact that the trade balance shows a countercyclical behavior, this deficit reflects that the Mexican economy reassumed its growth path at the beginning of the year.

In the third quarter, the current account deficit continued to close rapidly at 1.7% of GDP and continued to reflect the slowdown in the economy's domestic demand.

The current account deficit reached USD 2,525 million in the second quarter and represented 3% of GDP, decreasing by 49% with respect to the value recorded in the second quarter of 2022. The deficit reduction was driven by the adjustment in the trade balance.

The current account deficit stood at 4.2% of GDP in Q1 2023 (USD 3,421 million), decreasing from 6.2% in Q1 2022 (USD 5,351Million) and down from 6.1% recorded in the previous quarter.

Current account deficit for 2022 reached $21.446 billion and represented 6.2% of GDP, significantly above historical averages.