Mexico Remittances

Mexico

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.

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 February 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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