Mexico: Growth in remittances exceeds expectations in April
June 1, 2012
In April, remittances from workers abroad mostly in the United States reached a total of USD 2.0 billion. The reading came in above the USD 1.9 billion recorded in the same month last year and market expectations that had remittances remaining at USD 1.9 billion. Building on the strong monthly print, remittances expanded in April 8.2% over the same month last year, up from the 1.4% increase recorded in March. In the last 12 months up to April, remittances totalled USD 23.2 billion, which as a notch above the USD 23.0 billion in March. The reading represents a 7.1% increase over the corresponding period of the previous year, which was a notch up from a 6.8% expansion in March. That said, despite the continuous improvement witnessed in recent years, annual remittances remain well below their peak of USD 26.0 billion reached in December 2007.