Mexico: Mexican remittances rebound in February
April 2, 2015
Mexican workers abroad sent USD 1.84 billion in remittances in February. The reading was up from the USD 1.72 billion observed in the same month last year, marking a 7.0% year-on-year expansion. The print also bounced back from a 0.9% contraction in January.
The 12-month sum of remittances up to February totaled USD 23.7 billion, which marked a 7.2% expansion over the same period last year. The reading followed a similar expansion in the 12-month period up to January.
Mexico’s remittances continued to benefit from a gradual recovery in the U.S. economy, and particularly the U.S. labor market. Remittances are likely to continue growing this year as the U.S. labor market continues to recover. However, remittances are still short of the peak that occurred in 2007, when remittances totaled USD 26.1 billion.
Author: Ricardo Aceves, Senior Economist