Mexico Remittances


Remittances moderate in April

In April, remittances from Mexican workers abroad totaled USD 1.98 billion. The print was slightly above both the USD 1.94 billion recorded in the same month last year and the USD 1.96 billion the market had expected. The result in April represented a 2.1% year-on-year increase, which followed the robust 16.1% expansion tallied in March.

The 12-month sum of remittances up to April totaled USD 22.5 billion, which marked a 3.0% increase over the same period last year (March: +2.4% yoy) and represented the second positive reading since October 2012. The result points to a steady recovery in transactions, which, nonetheless, are still well below the USD 26.1 billion peak registered in 2007.

Given the fact that the U.S. labor market is showing signs of a gradual recovery, remittances are likely to continue on an upward trend. LatinFocus Consensus Forecast panelists are still taking these developments into account and expect remittances to reach USD 22.3 billion in 2014. For 2015, the panel sees remittances rising to USD 23.3 billion.

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Mexico Remittances Chart

Mexico Remittances April 2014

Note: Year-on-year variation of remittances from Mexican workers abroad and U.S. non-farm payrolls..
Source: Mexico Central Bank (Banxico) and U.S. Bureau of Labor.

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