Mexico Remittances

Mexico

Mexico: Mexico's remittances gain strong momentum in July

September 1, 2015

Remittances registered USD 2.2 billion in July, which represented a whopping 11.7% expansion over the USD 1.9 billion recorded in the same month last year. The increase came in well above the 5.5% increase reported in June and the 6.8% expansion the markets had expected.

As a result of the monthly increase, the accumulated remittances in the 12 months up to July totaled USD 24.3 billion, which represented a 6.2% expansion over the same period of the previous year. The reading followed the 5.7% increase registered in the 12 months up to June.

Remittances transactions continued to be supported by the gradual improvement in the U.S. labor market, in particular in the construction sector. As there is more and more evidence that the U.S. labor market is improving, remittances are gradually approaching the peak that occurred in 2007, when they totaled USD 26.1 billion.

LatinFocus Consensus Forecast panelists continue to take these developments into account and expect remittances to reach USD 24.7 billion in 2015. For 2016, the panel sees remittances rising to USD 26.0 billion.


Author:, Senior Economist

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Mexico Remittances Chart


Mexico Remittances July 2015

Note: Year-on-year variation of remittances from Mexican workers abroad and U.S. payrolls in the construction sector.
Source: Mexico Central Bank (Banxico) and U.S. Bureau of Labor.


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