Mexico Remittances October 2021

Mexico

Mexico: Remittances growth improves in October

December 1, 2021

Remittances summed USD 4.8 billion in October, representing a 33.8% year-on-year surge. This follows September's 23.5% year-on-year increase, and was aided by a strong U.S. labor market. On a cumulative basis up to October, remittances amounted to USD 49.2 billion, above the USD 48.0 billion recorded in September. October’s 12-month moving average signaled a 24.2% rise from a year earlier (September: +22.5% year-on-year).

Analysts project remittances to rise to USD 49.0 billion in 2022. For 2023, the panel sees remittances at USD 48.1 billion.


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Mexico Remittances Chart


Mexico Remittances October 2021

Note: Year-on-year variation of remittances from Mexican workers abroad and of U.S. non-farm payrolls.
Source: Banco de México (Banxico) and the U.S. Bureau of Labor Statistics.


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