Mexico Remittances


Mexico: Growth in remittances moderates in April

June 1, 2015

Remittances totaled USD 2.0 billion in April. The reading came in slightly above the USD 1.9 billion observed in the same month last year, registering a 1.8% expansion (March: +7.4% year-on-year), but came in slightly below the USD 2.1 billion the markets had expected.

In the 12 months up to April, the accumulated remittances totals USD 23.9 billion, which represented a 6.4% expansion compared to the same period last year. The reading followed a similar 6.4% rise registered in the 12 months up to March.

Mexico’s remittances are likely to continue growing this year, reaping the benefits of a gradual recovery in the U.S. economy, and particularly the U.S. labor market. Moreover, remittances are slowly approaching the peak that occurred in 2007, when remittances totaled USD 26.1 billion.

LatinFocus Consensus Forecast panelists continue to take these developments into account and expect remittances to reach USD 24.5 billion in 2015. For 2016, the panel sees remittances rising to USD 25.9 billion.

Author:, Senior Economist

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Mexico Remittances Chart

Mexico Remittances April 2015

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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