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).
Author: Javier Colato, Economist