Report published September 1, 2026
Mexico Remittances in July 2026: Solid Inflows Offset by MXN Appreciation
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 1, 2026
- Analysis as of
- Not stated in source
Authors / editors: Alberto Ramos
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Mexico's July workers' remittances reached US$5.57bn (3.0% yoy), coming in slightly above consensus. However, a 7.0% MXN appreciation versus the USD caused remittances to drop 3.7% yoy in nominal local currency terms and 6.6% in real terms.
Key Takeaways
- 1.Workers' remittances reached US$5.57bn in July (3.0% yoy, 0.5% mom sa), slightly exceeding consensus expectations of US$5.54bn.
- 2.A 7.0% year-over-year appreciation of the Mexican peso against the USD resulted in remittances falling 3.7% yoy in local currency terms (-6.6% in real local currency terms).
- 3.On a 12-month rolling basis, remittances stand at US$63.6bn (3.1% of GDP), which is more than quadruple crude oil export receipts.
Table of Contents
- Bottom Line
- KEY FIGURES (July)
- DETAILS
- Workers Remittances Tracking at US$63.6 bn (3.1% of GDP)
- MXN Appreciation Eroding Remittances in Local Currency
- Disclosure Appendix
Report data
MXN Appreciation Eroding Remittances in Local Currency
| Metric | Estimate | Context |
|---|---|---|
| Workers' Remittances | 5.57 USD Billion | July workers' remittances reported slightly above consensus and GS estimates. |
| Remittances in Local Currency | -3.7% | Decline in local currency remittances due to 7.0% MXN appreciation vs USD. |
| 12-Month Rolling Remittances | 63.6 USD Billion | Equivalent to 3.1% of GDP and more than 4x crude oil export receipts. |
| Jan-Jul Cumulative Dollar Remittances | 3.1% | Mild growth in dollar terms during Jan-Jul 2026 (-8.9% yoy in local currency). |
| Crude Oil Export Receipts (12-month rolling) | 14.6 USD Billion | Crude oil export receipts compared to 12-month rolling remittances. |
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Authors / Editors
Reported Data Context
- Workers' Remittances: 5.57 USD Billion (July 2026) · Source: Banxico
- Remittances in Local Currency: -3.7 % (July 2026) · Source: Banxico
- 12-Month Rolling Remittances: 63.6 USD Billion (12-month rolling to July 2026) · Source: Banxico
- Jan-Jul Cumulative Dollar Remittances: 3.1 % (Jan-Jul 2026) · Source: Banxico
- Crude Oil Export Receipts (12-month rolling): 14.6 USD Billion (12-month rolling)
Securities
Themes
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