Mexico: Growth in remittances moderates in November but remains strong
January 2, 2012
In November, remittances from workers abroad totalled USD 1.8 billion, which was in line with market expectations. The reading represents an 8.9% increase over the same month the previous year, but came in slightly below the 10.4% expansion witnessed in October. Amid the gradual recovery underway in the United States, the trend continues to point upwards, with remittances adding USD 22.7 billion in the last 12 months, which marks a 7.3% increase over the same period last year. Remittances represent a significant source of income for many Mexican families, as well as being the second most important source of foreign currency after oil exports. Consequently, higher remittances bode well for private consumption going forward.