Mexico: Remittances improve in May
July 1, 2014
In May, remittances from Mexican workers abroad totaled USD 2.15 billion. The reading was slightly above the USD 2.05 billion recorded in the same month last year, but fell short of the USD 2.20 billion the markets had expected. May’s result represented a 4.6% expansion in annual terms, which was more than double the 1.9% increase registered in April.
The 12-month sum of remittances up to May totaled USD 22.6 billion, which marked a 4.8% increase over the same period last year (April: +3.0% year-on-year). May’s result represented the third positive reading since October 2012 and the highest print since August 2012. The print signals a steady recovery in transactions. The peak in remittances occurred in 2007 with a total of USD 26.1 billion.
Author: Ricardo Aceves, Senior Economist