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.
Author: Ricardo Aceves, Senior Economist