Mexico | Remittances grew by 7.2% in July, 22% in real terms in pesos

Summary

45.9% of women and 31.3% of men who sent remittances do so to cover health expenses (medical attention, medicines, laboratory tests, hospital, etc.) in households in Mexico. By the end of 2020, remittances could reach USD $ 39.4 billion, + 8.1% y/y.

Key points

• Key points:
• Despite the economic effects of the ongoing COVID-19 crisis, USD 3,532 million entered Mexico in remittances in July, +7.2% compared to the same month the previous year.
• It is estimated that 45.9% of women who send remittances do so to cover health-related expenses (medical care, medicine, laboratory tests, hospital fees, etc.) in households in Mexico, whereas 31.3% of men who send remittances do so for this reason. It is possible that, due to the current health situation, remittance-receiving households have increased their expenditure on health.
• Remittances this year look set to close at a new historical high of around USD 39.4 billion, with annual growth of 8.1%.

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