Mexico Remittances November 2019

Mexico

Mexico: Remittances fall for the first time in over three years in November

January 1, 2020

Remittances totaled USD 2.9 billion in November (October: USD 3.1 billion), a 2.3% decline from the same month a year ago (October: +3.6% year-on-year) and marking the first drop since March 2016. November’s fall came despite an uptick in U.S. non-farm payrolls growth. Meanwhile, the average amount remitted rose to USD 328 from USD 322 a month prior.

In the 12 months up to November, remittances totaled a record-high USD 36.0 billion, matching the figure recorded in the 12 months up to October. November’s 12-month rolling total marked a 7.5% increase from a year earlier (October: +9.5% yoy).

FocusEconomics panelists expect remittances to remain upbeat next year, reaching USD 36.0 billion by end-2020. For 2021, the panel sees remittances at USD 36.5 billion by year-end.


Author:, Economist

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Mexico Remittances Chart


Mexico Remittances November 2019

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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