Mexico Remittances August 2018

Mexico

Mexico: Remittance inflows cool further in August

October 1, 2018

Remittances totaled USD 2.9 billion in August (July: USD 2.9 billion), a 9.1% increase from the same month last year. The result was below July’s 10.3% rise and marked the slowest growth since March. However, the average amount remitted rose from USD 312 a year prior to USD 324 in August.

Inflows have cooled off in line with non-farm U.S. employment gains in recent months but could see renewed support in the months ahead from the tight U.S. job market. Remittances registered an all-time high of USD 32.5 billion in the 12 months up to August, up from the USD 32.2 billion sum recorded in the twelve months up to July. August’s 12-month rolling figure increased 11.7% annually (July: +12.2% yoy).

FocusEconomics panelists expect remittances to remain upbeat this year, reaching USD 29.8 billion by the end of 2018. For 2019, the panel sees remittances at USD 30.7 billion at the end of the year.


Author:, Economist

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Mexico Remittances August 2018 0

Note: Year-on-year variation of remittances from Mexican workers abroad and of U.S. non-farm payrolls.
Source: Mexico Central Bank (Banxico) and U.S. Bureau of Labor.


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