Mexico: Remittances grow in May
Remittances totaled USD 5.2 billion in May, reflecting a 14.3% year-on-year increase, following April’s 16.5% year-on-year expansion.
On a cumulative 12-month basis up to May, remittances summed USD 54.8 billion, on the heels of the USD 54.2 billion registered in April. May’s 12-month moving average signaled a 24.4% rise from a year earlier (April: +26.1% year on year). The strong U.S. labor market continues to buoy remittances inflows. However, a likely economic slowdown in the U.S. in the coming quarters as monetary policy tightens could weigh on remittances ahead.