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).
Author: Javier Colato, Economist