Mexico: Remittances decline for ninth consecutive month in March
May 2, 2013
In March, remittances from workers abroad totalled USD 1.8 billion. The figure was lower than the USD 2.1 billion recorded in the same month last year and undershot market expectations, which had remittances at USD 1.9 billion. In annual terms, the reading represents a 14.7% contraction, which was down form the 11.1% drop seen in February and marks the ninth consecutive month of negative annual growth.
Building on the subdued March figure, the 12-month moving sum moderated to USD 21.9 billion, which represents a 5.1% contraction over the same period last year (February: -3.6% year-on-year). At the current level, remittances are well below the peak of USD 26.0 billion reached in the full year 2007.
LatinFocus Consensus Forecast panellist project remittances pick up somewhat later in the year and reach a total USD 22.3 billion this year, which would represent a mere -0.5% increase over the amount recorded in 2012. For next year, the panel sees remittances rising to USD 23.7 billion.