Mexico: Remittance inflows jump in April
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.