Mexico: Remittance inflows lose steam in July
Remittances totaled USD 2.9 billion in July (June: USD 3.1 billion), a 10.3% increase from the same month last year. The result was below June’s 23.1% rise and marked the slowest growth since March. However, the average amount remitted rose from USD 311 a year prior to USD 323 in July.
Inflows have accelerated in line with non-farm U.S. employment gains in recent months and should see further support in the months ahead from the tight U.S. job market. Remittances registered an all-time high of USD 32.2 billion in the 12 months up to July, up from the USD 32.0 billion sum recorded in the twelve months up to June. July’s 12-month rolling figure increased 12.2% annually (June: +12.6% yoy).