Mexico: Family remittances – Strength prevails amid mounting uncertainty

  • Remittances totaled US$5,030.8mn (+14.1% y/y) in September, with the number of operations and average amount sent up

  • Flows grew 4.2% m/m, underpinned by US economic and labor market resilience, with the latter helping Mexican migrants

  • We remain optimistic on remittances and will focus on US activity and employment given increasing headwinds

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