Mexico Remittances July 2020

Mexico

Mexico: Remittances growth slows in July

September 1, 2020

Remittances totaled USD 3.5 billion in July (June: USD 3.5 billion), representing a 7.2% increase from the same month a year ago but easing from the 9.9% jump logged in June. The slowdown came alongside the ongoing adverse effects of the Covid-19 pandemic on the economy and jobs market in the U.S., with non-farm payrolls continuing to decline in July albeit at a softer pace than in June. Meanwhile, the average amount remitted rose to USD 343 from USD 340 a month prior.

In the 12 months up to July, remittances totaled a record-high USD 38.5 billion, slightly above the USD 38.3 billion recorded in 12 months up to June. July’s 12-month rolling total marked an 9.0% increase from a year earlier (June: +9.7% year-on-year).

FocusEconomics panelists expect remittances to reach USD 35.8 billion by end-2020. For 2021, the panel sees remittances at USD 37.2 billion by year-end.


Author:, Economist

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Mexico Remittances July 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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