Mexico’s August Remittances Slide for Fifth Month, Falling 8.3%

Remittances to Mexico fell for a fifth consecutive month in August, according to figures released by Mexico’s Central Bank (Banxico).

Mexican households received US$5.57 billion (MX$102.36 billion) in remittances during the month, an 8.3% decline from the US$6.08 billion recorded in August of last year, when inflows hit record highs.

The central bank reported that remittances were made through 13.8 million operations, down from 14.9 million transactions a year earlier. About 4.1 million families benefited from these inflows, receiving an average of US$402 each, marking the third consecutive month that the average transfer remained above US$400. In June 2024, the average remittance peaked at US$419, the highest level in the past five years.

From January to August, accumulated remittances totaled US$40.47 billion, 5.9% lower than the US$43 billion registered during the same period last year. The decline reflects a moderation in inflows after the record levels observed in 2024, when monthly remittances exceeded US$6 billion in both June and August.

Experts note that in some households, multiple members receive remittance transfers, amplifying their economic impact despite the current decline.