Mexico Remittances

Mexico

Mexico: Remittances accelerate in July

August 1, 2014

In July, remittances from Mexican workers abroad totaled USD 2.0 billion. The reading was above the USD 1.8 billion observed in the same month last year and was on par with what the market had expected. July’s result represented an 8.4% increase in annual terms, which was stronger than the 4.8% expansion tallied in the previous month.

In the 12 months through July, remittances totaled USD 22.8 billion, which represented a 6.8% expansion over the same period last year. July’s reading marked the fastest pace of growth in two years and signals that a steady recovery in transactions is still under way. The peak in remittances occurred in 2007, with a total of USD 26.1 billion.

Given the fact that the U.S. labor market is showing signs of a gradual recovery, remittances are likely to continue on an upward trend. LatinFocus Consensus Forecast panelists continue to take these developments into account and expect remittances to reach USD 22.5 billion in 2014. For 2015, the panel sees remittances rising to USD 23.4 billion.


Author:, Senior Economist

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Mexico Remittances July 2014 0

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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