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).
Author: Javier Colato, Economist