Mexico: Remittance inflows accelerate in June
Remittances totaled USD 3.1 billion in June (May: USD 3.2 billion), a robust 23.1% increase from the same month last year, accelerating from the revised 17.1% rise registered in May (previously reported: +19.8% year-on-year). June’s print was driven by rapid growth in the number of electronic transfers. The average amount remitted rose from USD 313 a year prior to USD 343.
Inflows have accelerated in line with non-farm U.S. employment gains in recent months, and should see further support in the months ahead from the tight U.S. job market. Along with June’s strong reading, remittances registered an all-time high of USD 32.0 billion in the 12 months up to June, up from the USD 31.4 billion sum recorded in the twelve months up to May. June’s 12-month rolling figure increased 12.6% annually (May: +11.5% yoy).