Mexico Remittances

Mexico

Mexico: Remittances growth moderates in October

December 1, 2014

In October, remittances from workers abroad totaled USD 2.04 billion. The print came in slightly above the USD 1.91 billion observed in the same month last year and virtually matched the USD 2.01 billion the market had expected. October’s result represented a 6.5% increase over the same month last year and marked slight deceleration compared to the 7.5% rise recorded last month.

In the 12-months up to October, remittances totaled USD 23.2 billion, which represented a 6.9% expansion over the same period the previous year. The reading followed the 7.0% rise tallied in the 12 months up to September. 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 October 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.


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