Mexico: Remittances growth moderates again in August
October 1, 2020
Remittances totaled USD 3.6 billion in August (July: USD 3.5 billion), representing a 5.3% increase from the same month a year ago but easing from the 7.2% jump logged in July. The slowdown came alongside the ongoing Covid-19 woes on the U.S. economy and jobs market, with non-farm payrolls still down markedly below 2019 levels in August. Meanwhile, the average amount remitted held steady at USD 343 from a month prior.
In the 12 months up to August, remittances totaled a record-high USD 38.7 billion, slightly above the USD 38.5 billion recorded in 12 months up to July. August’s 12-month rolling total marked an 8.0% increase from a year earlier (July: +9.0% year-on-year).