Mexico Remittances November 2021

Mexico

Mexico: Remittances continue to surge in November

January 3, 2022

Remittances summed USD 4.7 billion in November, representing a 37.7% year-on-year surge. This follows October's 33.8% year-on-year increase, and was likely aided by a strong U.S. labor market. On a cumulative basis up to November, remittances amounted to USD 50.5 billion, above the USD 49.2 billion recorded in October. November’s 12-month moving average signaled a 26.0% rise from a year earlier (October: +24.2% year-on-year).

Analysts project remittances to rise to USD 49.0 billion in 2022. For 2023, the panel sees remittances at USD 48.1 billion.


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Mexico Remittances November 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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