Mexico: Remittances growth eases in September but remains robust
November 1, 2019
Remittances totaled USD 3.1 billion in September (August: USD 3.4 billion), a 13.3% surge from the same month a year ago (August: +17.0% year-on-year). Although moderating from August’s spike, September’s increase remained robust and came alongside a pick-up in U.S. non-farm payrolls growth. Meanwhile, the average amount remitted fell to USD 328 from USD 343 a month prior.
In the 12 months up to September, remittances totaled a record-high USD 36.0 billion, above the USD 35.6 billion recorded in the 12 months up to August. September’s 12-month rolling total marked a 9.9% increase from a year earlier (August: +9.5% yoy).
Author: Javier Colato, Economist