Mexico: Remittances increase at fastest clip in nine months in August
Remittances totaled USD 3.4 billion in August (July: USD 3.3 billion), a 17.0% surge from the same month a year ago (July: +14.4% year-on-year). August’s jump marked the strongest increase in nine months despite slowing U.S. non-farm payrolls growth. In addition, the average amount remitted edged up to USD 343 from USD 340 a month prior.
In the 12 months up to August, remittances totaled a record-high USD 35.6 billion, above the USD 35.1 billion recorded in the 12 months up to July. August’s 12-month rolling total marked a 9.5% increase from a year earlier (July: +8.9% year-on-year).