Mexico: Remittances drop for eight months in a row
April 1, 2013
In February, remittances from workers abroad totalled USD 1.6 billion, which came in below both the USD 1.8 billion observed in the same month last year and market expectations that had remittances reaching USD 1.7 billion. The figure represents an 11.1% decline over the same month last year, which was worse than the 2.3% fall recorded in January and marks, in fact, the eighth consecutive annual contraction in remittances.
As a result, in the 12 months up to January remittances totalled USD 22.2 billion, which represents a 3.6% decline over the same period last year (January: -2.2% year-on-year) and thus fell further 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 22.6 billion this year, which would represent a mere 0.8% increase over the amount recorded in 2012. For next year, the panel sees remittances rising to USD 24.1 billion.