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Market Update: Mexico Current Account Gap Narrows in Q1
Mexicos current account deficit fell to USD 5.1 billion in the first quarter of 2021 from USD 7.5 billion in the same period of the previous year and defying market expectations of a USD 10.8 billion surplus. The primary income gap narrowed to USD 10 billion from USD 19 billion in the first quarter of 2020; and the secondary income surplus rose to USD 10.4 billion from USD 9.3 billion, mainly due to higher remittances. Conversely, the goods account shifted to a deficit of USD 1.5 billion compared to a surplus of USD 3.5 billion in the first quarter of 2020; and the services gap rose to USD 4.1 billion from USD 1.3 billion, amid lower tourism revenues. source: Banco de México [/s2If]
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