Mexico Remittances April 2020

Mexico

Mexico: Remittances fall in April as Covid-19 hammers U.S. labor market

June 2, 2020

Remittances totaled USD 2.9 billion in April (March: EUR 4.0 billion), representing a 2.6% drop from the same month a year ago—the largest in over four years—and contrasting the 35.8% surge logged in March as workers rushed to send cash home ahead of deteriorating conditions in the U.S. Indeed, the fall came alongside an unprecedented collapse in U.S. non-farm payrolls as the Covid-19 pandemic ravaged the economy and labor market in April.

In the 12 months up to April, remittances totaled USD 37.4 billion, fractionally below the record-high USD 37.5 billion recorded in the 12 months up to March. April’s 12-month rolling total marked an 8.4% increase from a year earlier (March: +9.2% year-on-year).

FocusEconomics panelists expect remittances to reach USD 34.0 billion by end-2020. For 2021, the panel sees remittances at USD 35.3 billion by year-end.


Author:, Economist

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Mexico Remittances April 20 20

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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