Mexico Remittances July 2021

Mexico

Mexico: Growth in remittances is strong in July

September 1, 2021

Remittances tallied USD 4.5 billion in July, representing a 28.6% year-on-year rise. This follows June's 26.0% year-on-year expansion. On a cumulative basis up to July, remittances tallied USD 46.0 billion, above the USD 45.0 billion registered in June. July’s 12-month moving average represented a 19.4% rise from a year earlier (June: +17.5% year-on-year).

Analysts project remittances to rise to USD 44.9 billion in 2021, spurred by fiscal stimulus and falling unemployment in the U.S. For 2022, the panel sees remittances at USD 46.8 billion.


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Mexico Remittances Chart


Mexico Remittances August 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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