Mexico Remittances

Mexico

Mexico: Remittances growth accelerates in September

November 3, 2014

In September, remittances from Mexican workers abroad totaled USD 1.95 billion. The print was just above the USD 1.83 billion registered in the same month last year and matched market expectations. September’s result marked a 7.1% expansion in year-on-year terms and represented an acceleration over the 5.4% increase tallied in August.

The 12-month sum of remittances up to September totaled USD 23.1 billion, which represented a 7.0% expansion over the same period the previous year. The reading followed the 7.2% expansion tallied in the 12 months up to August. The peak in remittances occurred in 2007, with a total of USD 26.1 billion.

Given the fact that the U.S. labor market is showing signs of a gradual recovery, remittances are likely to continue on an upward trend. LatinFocus Consensus Forecast panelists continue to take these developments into account and expect remittances to reach USD 22.5 billion in 2014. For 2015, the panel sees remittances rising to USD 23.4 billion.


Author:, Senior Economist

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Mexico Remittances Chart


Mexico Remittances September 2014 0

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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