Mexico: October remittances remain broadly unchanged
December 1, 2010
Remittances from workers abroad amounted to USD 1.73 billion in October, which was up 2.1% over the same month last year. The figure was virtually unchanged over last month's USD 1.71 billion but was below market expectations, which had remittances rising to USD 1.80 billion. Remittances from workers abroad, mostly from migrants working in the United States, represent Mexico's second most important source of foreign revenue, after oil exports. Furthermore, remittances represent an important source of income for many Mexican families. Consequently, the weak growth in remittances will likely become a drag in the recovery of private consumption in the coming months.