Mexico Remittances


Growth in remittances moderates the pace

In March, remittances from workers abroad totalled USD 2.1 billion, which came in above the USD 1.8 billion reached in February but fell short of market expectations. Moreover, the figure represents a significant moderation of the pace of expansion, as remittances grew only 1.4% over the same month last year, well below the 8.5% increase tallied in February. As a result of the relatively weak increase, remittances totalled USD 23.0 billion in the last 12 months. The reading represents a 6.8% increase over the corresponding period of the previous year, down from a 7.1% expansion in February. Despite the continuous improvement witnessed in recent years, annual remittances remain below their peak of USD 25.5 billion reached in October 2008.


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Mexico Remittances Chart

Mexico Remittances March 2012

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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