Overview
- Gross external liabilities reached 37% of GDP at the end of Q3 2025, up by $24.4 billion from the previous quarter.
- Banxico attributes the quarterly rise mainly to $17.8 billion in financial-account inflows and $6.6 billion from valuation and exchange-rate effects.
- The public sector accounted for $365.3 billion of the total, including $245.8 billion for general government and $96.8 billion for public enterprises.
- Private-sector external debt stood at $292.2 billion, with intercompany credit within direct investment at $142.8 billion and a predominance of long-term instruments issued in international markets.
- Mexico’s net international investment position improved to a $641.9 billion debtor balance as external assets increased to $934 billion, including $259.6 billion in international reserves, even as Banxico flagged higher FX sensitivity and closer investor and rating-agency scrutiny.