Mexico: Remittances decline the most in nearly 3 years
November 1, 2012
In September, remittances from overseas workers fell to USD 1.7 billion, which came in well below both the USD 2.1 billion observed in the same month last year and market expectations that had remittances at USD 1.9 billion. The figure represents a 20.2% contraction over the value reached in the same month last year, the worst outturn since October 2009. Owing to the subdued monthly print, in the 12 months up to September remittances totalled USD 22.8 billion, which was below the USD 23.2 billion reached in August. The reading represents a paltry 1.6% increase over the corresponding period the previous year, down from the 5.2% rise seen in August.