MEXICO CITY—Remittances to Mexico from abroad dropped in November to $4.8 billion after a series of record months, data from the Mexican Central Bank show, amid fears of a global economic slowdown.
Mexico had enjoyed six consecutive months of remittances over $5 billion since May, culminating with October's record of $5.36 billion. November marked a 3.9% seasonally-adjusted monthly decrease, though it was still up annually by 3%, Reuters said.
“It remains to be seen if the November slowdown in remittances translates into stalling overseas support for Mexican families,” Reuters said.
Some 12.2 million remittances, largely from the United States, were received in November for an average of $393 each. Remittances from January through November rose 13.5% annually to a total of $53.1 billion, the Central Bank said.
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