Mexico: Remittances moderate in April
June 2, 2014
In April, remittances from Mexican workers abroad totaled USD 1.98 billion. The print was slightly above both the USD 1.94 billion recorded in the same month last year and the USD 1.96 billion the market had expected. The result in April represented a 2.1% year-on-year increase, which followed the robust 16.1% expansion tallied in March.
The 12-month sum of remittances up to April totaled USD 22.5 billion, which marked a 3.0% increase over the same period last year (March: +2.4% yoy) and represented the second positive reading since October 2012. The result points to a steady recovery in transactions, which, nonetheless, are still well below the USD 26.1 billion peak registered in 2007.
Author: Ricardo Aceves, Senior Economist