Mexico: Remittances increase at fastest pace in eight months in July
September 2, 2019
Remittances totaled USD 3.3 billion in July (June: USD 3.2 billion), a 14.4% jump from the same month a year ago (June: +1.4% year-on-year). July’s increase marked the strongest climb in eight months despite slowing U.S. non-farm payrolls growth. In addition, the average amount remitted edged up to USD 340 from USD 335 a month prior.
In the 12 months up to July, remittances totaled a record-high USD 35.1 billion, above the USD 34.7 billion recorded in the 12 months up to June. July’s 12-month rolling total marked an 8.9% increase from a year earlier (June: +8.5% year-on-year).
Author: Javier Colato, Economist