Mexico Remittances May 2021

Mexico

Mexico: Remittances continue to surge in May

July 1, 2021

Remittances reached USD 4.5 billion in May, representing a 31.0% year-on-year surge. This followed April's 39.1% year-on-year expansion. In the 12 months up to May, remittances totaled USD 44.0 billion, above the USD 43.0 billion registered in April. May’s 12-month moving average marked a 16.0% expansion from a year earlier (April: +13.6% year-on-year).

Analysts project remittances to rise to USD 43.7 billion in 2021, spurred by fiscal stimulus and falling unemployment in the U.S. For 2022, the panel sees remittances at USD 45.6 billion.


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Mexico Remittances Chart


Mexico Remittances June 2021

Note: Year-on-year variation of remittances from Mexican workers abroad and of U.S. non-farm payrolls.
Source: Banco de México (Banxico) and the U.S. Bureau of Labor Statistics.


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