Mexico: Growth in remittances gains speed in November
Remittances amounted to USD 3.4 billion in November, representing a 15.6% year-on-year expansion. This follows October’s 14.1% year-on-year expansion and comes alongside improving economic and labor market conditions in the U.S. following the Covid-19 impact in early 2020. That said, non-farm payrolls still remain considerably below 2019 levels. Meanwhile, the average amount remitted increased to USD 348 in November from USD 341 in the prior month.
On a 12-month moving average basis in November, remittances amounted to USD 40.1 billion, above the USD 39.6 billion recorded in October. November’s 12-month rolling sum marked an 10.3% rise from a year earlier (October: +9.0% year-on-year).