Mexico Remittances April 2018

Mexico

Mexico: Remittance inflows jump in April

June 1, 2018

Remittances totaled USD 2.7 billion in April, a sharp 17.9% increase from the same month a year earlier and well above the 4.0% rise recorded in March. April’s print was driven by rapid growth in the number of electronic transfers, which rose at a solid 13.1% pace (March: +5.3% year-on-year). The average remitted amount rose from USD 306 a year prior to USD 320.

In line with the strong reading, remittances registered an all-time high of USD 29.6 billion in the 12 months up to April, up from the USD 29.2 billion sum recorded in the twelve months up to March. April’s 12-month rolling figure increased 7.3% from a year earlier, accelerating from 6.3% growth in the 12 months up to March.

Remittance inflows should continue to be underpinned in the months ahead by a very tight U.S. labor market, which posted stronger-than-expected job creation and wage growth in May.

Notwithstanding the possibility of tougher measures against Mexican immigrants in the U.S., FocusEconomics panelists expect remittances to trend upward this year, reaching USD 29.8 billion by the end of 2018. For 2019, the panel sees remittances at USD 30.6 billion at the end of the year.


Author:, Economist

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