Mexico Remittances


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.

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 are still taking these developments into account and expect remittances to reach USD 22.3 billion in 2014. For 2015, the panel sees remittances rising to USD 23.3 billion.

Author:, Senior Economist

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Mexico Remittances Chart

Mexico Remittances May 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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