Figures from Mexico’s central bank (Banco de México) show that the value of remittances sent home by Mexicans working in the USA fell 3.75% in 2013, compared to the previous year.
Annual remittance totals in billions of dollars:
- 2013 – 21.596
- 2012 – 22.438
- 2011 – 22.802
- 2010 – 21.303
Trends in remittance payments are closely linked to trends in the US economy, so the slight fall in the past two years is no great surprise, as the US economy struggles to regain growth following the 2008 financial crisis.
There are some positive signs. Despite the decline over the year as a whole, the month of December saw remittances entering Mexico of 1.8 billion dollars, higher than any December since 2007.
In the last quarter of 2013, remittance payments were 3.46% higher than for the same period in 2012 (mainly due to a higher number of remittance payments), suggesting that remittance payments may now be on the rise again. The average amount remitted during the last quarter of 2013 was 285.34 dollars, 3.8% less than the average for the equivalent period in 2012.
Note: These remittance figures quantify only remittances sent via “formal” channels such as banks, and do not include informal payments carried directly back to Mexico by family or friends.
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