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Mexico Remittances February 2021

Mexico: Remittances grow robustly in February

Remittances reached USD 3.2 billion in February, representing a 16.2% year-on-year surge, and likely supported by a strengthening labor market in the U.S., the origin of most remittances. This follows January’s 25.8% year-on-year rise. On a 12-month moving average basis in February, remittances totaled USD 41.7 billion, above the USD 41.3 billion recorded in January. February’s 12-month moving average signaled a 13.3% increase from a year earlier (January: +12.9% year-on-year).

Panelists forecast higher remittances this year than last, spurred by falling unemployment in the U.S., which should help support domestic consumption.

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