Mexico: Remittance inflows cool further in August
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).