Mexico Remittances August 2020

Mexico

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).

FocusEconomics panelists expect remittances to reach USD 36.4 billion by end-2020. For 2021, the panel sees remittances at USD 36.8 billion by year-end.


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Mexico Remittances August 20 20 0

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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