Mexico: Remittance levels continue to recover as U.S. labour market improves
February 1, 2011
In December, remittances from workers abroad reached USD 1.70 billion, which represented a 9.1% increase over the amount received in December 2009. The figure was in line with market expectations and exceeded November's USD 1.63 billion. However, in the full year 2010, remittances totalled USD 21.27 billion, virtually unchanged from the amount recorded in 2009 (USD 21.24 billion). Remittances, which are important source of income for many Mexican families, come mostly from migrant workers in the United States. Remittance levels are expected to continue to recover in the months ahead as conditions in the U.S. labour market improve, which bodes well for the ongoing pick-up in Mexican private consumption.