Mexico Remittances


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.


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Mexico Remittances Chart

Mexico Remittances September 2012

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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