Mexico Remittances June 2022

Mexico

Mexico: Remittances rise in June

August 1, 2022

Remittances totaled USD 5.2 billion in June, reflecting a 15.6% year-on-year increase, following May's 14.3% year-on-year expansion.

On a cumulative 12-month basis up to June, remittances summed USD 55.5 billion, following the USD 54.2 billion registered in May. June’s 12-month moving average signaled a 23.4% rise from a year earlier (May: +24.4% year on year). The strong U.S. labor market continues to buoy remittances inflows, which likely boosted private consumption in turn during the second quarter. However, a likely slowdown in the U.S. labor market in the coming quarters as monetary policy tightens could weigh on remittances ahead.

Analysts project remittances to rise to USD 56.2 billion in 2022. For 2023, the panel sees remittances at USD 58.3 billion.


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Mexico Remittances June 2022

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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