Mexico Remittances October 2020

Mexico

Mexico: Remittances growth softens but remains robust in October

December 1, 2020

Remittances totaled USD 3.6 billion in October (September: USD 3.6 billion), representing a hefty 14.1% increase from the same month a year ago and moderating from the 15.1% surge logged in September. The strong result came alongside gradually improving economic and labor market conditions in the U.S. following the Covid-19 blow earlier in the year. That said, non-farm payrolls still remain considerably below 2019 levels. Meanwhile, the average amount remitted declined to USD 341 in October from USD 347 in the prior month.

In the 12 months up to October, remittances totaled a new record-high of USD 39.6 billion, above the USD 39.2 billion recorded in 12 months up to September. October’s 12-month rolling total marked a 9.0% increase from a year earlier (September: +8.2% year-on-year).

FocusEconomics panelists expect remittances to reach USD 39.1 billion by end-2021. For 2022, the panel sees remittances at USD 39.6 billion by year-end.


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Mexico Remittances October 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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