Mexico: Remittances return to growth in final month of 2019
February 4, 2020
Remittances totaled USD 3.1 billion in the final month of 2019 (November: USD 2.9 billion), a 3.1% increase from the same month in 2018 and contrasting the 2.3% decline logged in November, which was the first in over three years. December’s rebound came despite a mild slowdown in U.S. non-farm payrolls growth. Meanwhile, the average amount remitted edged down to USD 326 from USD 328 a month prior.
In the 12 months up to December, remittances totaled a record-high USD 36.0 billion, matching the figure recorded in the 12 months up to November. December’s 12-month rolling total marked a 7.0% increase from a year earlier (November 2019: +7.5% yoy).
Author: Javier Colato, Economist