Mexico Remittances September 2019

Mexico

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).

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


Author:, Economist

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Mexico Remittances Chart


Mexico Remittances September 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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