Mexico: Remittances recover in January
March 1, 2012
In January, remittances from workers abroad totalled USD 1.50 billion, which represented a 7.2% increase over the same month last year. The reading more than doubled the 3.5% expansion observed in December and came in a notch above market expectations that had remittances rising 7.0%. Owing to the healthy print, remittances in the last 12 months totalled USD 22.8 billion, which was 6.9% higher than in the corresponding period of the previous year. However, despite the improvement, annual remittances still linger below their peak of USD 25.5 billion reached in October 2008. The continued recovery in remittances bodes well for private consumption, as remittances represent a significant source of income for many Mexican families.