Mexico Remittances December 2020

Mexico

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).

FocusEconomics panelists expect remittances to reach USD 40.2 billion by end-2021. For 2022, the panel sees remittances at USD 40.6 billion by year-end.


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Mexico Remittances December 20 20

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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