Mexico: Remittances continue to recover
June 1, 2012
In May, remittances from workers abroad mostly in the United States totalled USD 2.3 billion. The figure came in a notch above the USD 2.2 billion observed in the same month last year and was in line with market expectations. Despite the strong monthly print, year-on-year growth in remittances edged down from 8.2% in April to 7.8% in May. In the last 12 months up to May, remittances added USD 23.3 billion, which is a notch above the USD 23.2 billion totalled in April. The figure represents a 7.8% expansion over the corresponding period last year, up from the 7.1% expansion seen in April. Despite the continuous improvement witnessed in recent years, annual remittances remain well below their peak of USD 26.0 billion reached in December 2007.