Mexico: Remittances cool off in October
Remittances totaled USD 2.9 billion in October (September: USD 2.7 billion), a 3.4% increase from the same month last year. The result was below September’s 8.8% rise and marked the slowest growth since March. However, the average amount remitted rose from USD 316 a year prior to USD 323 in September.
Inflows have cooled off in recent months despite upbeat non-farm U.S. employment gains. Remittances registered an all-time high of USD 32.8 billion in the 12 months up to October, up from the USD 32.7 billion sum recorded in the 12 months up to September. October’s 12-month rolling figure increased 10.0% annually (September: +12.0% year-on-year).