Mexico: Remittances continue to drop again in April
June 4, 2013
In April, remittances from workers abroad totalled USD 1.9 billion. The figure came in below the USD 2.0 billion received in the same month last year but beat market expectations, which had remittances at USD 1.8 billion. The figure represents a 6.4% drop over the same month last year and marks the tenth consecutive month of negative annual growth. That said, the figure marked an improvement over the 15.2% decline seen in March.
In the 12 months up to April, remittances added USD 21.7 billion, which constitutes a 6.4% contraction over the same period last year (March: -5.2% year-on-year). At their current level, remittances are well below the peak of USD 26.0 billion reached in the full year 2007.
LatinFocus Consensus Forecast panellist see remittances picking up somewhat later in the year to a total of USD 22.4 billion in 2013, which would be unchanged over the amount recorded in 2012. For next year, the panel sees remittances rising to USD 24.3 billion.