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Mexico Remittances March 2021

Mexico: Growth in remittances slows in March

Remittances summed USD 4.2 billion in March, representing a 2.6% year-on-year expansion. This follows February’s 16.2% year-on-year increase, with the large slowdown driven by an unfavorable base effect: March 2020 saw a huge surge in remittances. On a cumulative basis up to March, remittances totaled USD 41.8 billion, above the USD 41.7 billion registered in February. March’s 12-month moving average represented a 10.4% rise from a year earlier (February: +13.3% year-on-year).

Panelists forecast higher remittances this year than last, spurred by fiscal stimulus and falling unemployment in the U.S., which should help support domestic consumption.

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