Mexico Remittances September 2021

Mexico

Mexico: Remittances growth loses steam in September but stays elevated

November 1, 2021

Remittances summed USD 4.4 billion in September, representing a 23.3% year-on-year surge. This follows August's 32.7% year-on-year increase. On a cumulative basis up to September, remittances amounted to USD 48.0 billion, above the USD 47.1 billion recorded in August. September’s 12-month moving average signaled a 22.5% rise from a year earlier (August: +21.8% year-on-year).

Analysts project remittances to rise to USD 47.0 billion in 2021, supported by the improving U.S. labor market. For 2022, the panel sees remittances at USD 49.6 billion.


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Mexico Remittances September 2021

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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