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.
Author: Ricardo Aceves, Senior Economist