Mexico Remittances May 2019

Mexico

Mexico: Remittances growth retreats again in May

July 1, 2019

Remittances totaled USD 3.2 billion in May (April: USD 2.9 billion), a 1.5% increase from the same month a year ago (April: +3.6% year-on-year). May’s result marked a second consecutive slowdown in remittances growth, which has lost steam alongside U.S. non-farm payrolls activity. However, the average amount remitted edged up to USD 322 from USD 321 a month prior.

In the 12 months up to May, remittances totaled USD a record-high 34.1 billion, slightly above the USD 34.0 billion recorded in the 12 months up to April. May’s 12-month rolling total marked an 8.6% increase from a year earlier (April: +5.4% year-on-year).

FocusEconomics panelists expect remittances to remain upbeat this year, reaching USD 35.1 billion by end-2019. For 2020, the panel sees remittances at USD 35.8 billion by year-end.


Author: Angela Bouzanis, Lead Economist

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Mexico Remittances Chart


Mexico Remittances May 2019

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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