Mexico posted a small US$1.84 billion capital account deficit in the second quarter, a sharp contrast to the first quarter's record US$24.68 billion first quarter surplus. A big piece of the explanation lies in the movements in the "assets held abroad" account.
Assets held abroad rose US$24.32 billion in the second quarter; in the first, they declined US$1.78 billion. Mexican foreign direct investment is one component of "assets held abroad". It was slightly higher in the second quarter than in the first (US$6.50 billion compared to US$5.00 billion). The big change was in deposits held in foreign bank accounts. In the first quarter, Mexicans repatriated US$6.66 billion. In the second quarter, they diversified the currencies in which they held their assets, sending US$17.18 billion to foreign bank accounts.
Assets held abroad rose US$24.32 billion in the second quarter; in the first, they declined US$1.78 billion. Mexican foreign direct investment is one component of "assets held abroad". It was slightly higher in the second quarter than in the first (US$6.50 billion compared to US$5.00 billion). The big change was in deposits held in foreign bank accounts. In the first quarter, Mexicans repatriated US$6.66 billion. In the second quarter, they diversified the currencies in which they held their assets, sending US$17.18 billion to foreign bank accounts.
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