Mexico: Remittances plummet in August
October 1, 2012
In August, remittances from overseas workers totalled USD 1.9 billion. The reading was well below the USD 2.1 billion recorded in the same month last year and fell short of market expectation that had remittances rising to USD 2.2 billion. As a result, remittances contracted 11.6% annually, which represents the worst reading recorded since February 2010. Building on the subdued monthly figure, in the last 12 months up to August, remittances totalled USD 23.2 billion, which was down from the USD 23.4 billion reached in July. The figure represents a 5.2% increase over the corresponding period the previous year, down from the 7.2% rise seen in July.