Mexico: Remittances growth quickens to six-month high in September
November 3, 2020
Remittances totaled USD 3.6 billion in September (August: USD 3.6 billion), representing a whopping 15.1% increase from the same month a year ago and quickening from the 5.3% rise logged in August. The pick-up came alongside a gradually recovering economy and labor market in the U.S., though non-farm payrolls still remain markedly below 2019 levels. Meanwhile, the average amount remitted edged up to USD 346 in September from USD 343 in the month prior.
In the 12 months up to September, remittances totaled a new record-high of USD 39.2 billion, above the USD 38.7 billion recorded in 12 months up to August. September’s 12-month rolling total marked an 8.1% increase from a year earlier (August: +8.0% year-on-year).