Mexico: Remittances decline in July
September 3, 2012
In July, remittances from workers abroad " mostly in the United States " dropped to a total of USD 1.87 billion, which came in below the USD 1.90 billion observed in the same month last year. The figure surprised the market on the downside, as analysts had expected remittances to edge up to USD 2.0 billion. Moreover, as a result of the subdued print, remittances swung from a 3.5% expansion in June to a 2.1% contraction in July, the worst result since March 2010. In the last 12 months up to July, remittances inched down to a total of USD 23.4 billion (June: USD 23.5 billion), which represents a 7.2% increase over the corresponding period the previous year, down from the 7.6% increase recorded in June.