Mexico Remittances September 2020


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).

FocusEconomics panelists expect remittances to reach USD 37.6 billion by end-2021. For 2022, the panel sees remittances at USD 39.2 billion by year-end.


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Mexico Remittances Chart

Mexico Remittances September 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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