Mexico: Remittances growth hits nine-month high in final month of 2020
February 2, 2021
Remittances totaled USD 3.7 billion in December 2020 (November: USD 3.4 billion), representing a significant 17.4% increase from the same month in 2019—the strongest in nine months—and quickening from November’s 15.6% jump. The solid reading came despite a seemingly tapering recovery in U.S. non-farm payrolls, which remain substantially below 2019 levels. Meanwhile, the average amount remitted dropped to USD 339 in December from USD 348 in the prior month.
In the 12 months up to December, remittances totaled a new record-high of USD 40.6 billion, above the USD 40.1 billion recorded in November. December’s 12-month rolling sum marked a 11.4% leap from a year earlier (November: +10.3% year-on-year).