Mexico Remittances

Mexico

Mexico: Remittances grow at slowest pace in seven months

January 2, 2015

In November, remittances from Mexican workers abroad totaled USD 1.77 billion. The reading virtually matched USD 1.73 billion registered in the same month of the previous year and came in below the USD 1.85 billion the market had expected. November’s result represented a 2.3% increase in year-on-year terms and represented the slowest expansion in seven months.

In the 12 months up to November, remittances totaled USD 23.3 billion, which marked a 6.9% expansion compared to the same period of the previous year. The print mirrored the 6.9% increase tallied in the 12 months up to October.

Remittances are likely to continue on an upward trend as the U.S. labor market is gradually improving. Nevertheless, remittances are still short of the peak that occurred in 2007, when remittances totaled USD 26.1 billion.

LatinFocus Consensus Forecast panelists continue to take these developments into account and expect remittances to reach USD 24.5 billion in 2015. For 2016, the panel sees remittances rising to USD 25.9 billion.


Author:, Senior Economist

Sample Report

Looking for forecasts related to Remittances in Mexico? Download a sample report now.

Download

Mexico Remittances Chart


Mexico Remittances November 2014

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.


Mexico Economic News

More news

Search form