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Mexico Remittances March 2020

Mexico: Remittances growth surges to over fifteen-year high in March

Remittances totaled USD 4.0 billion in March (February: USD 2.7 billion), representing a whopping 35.8% surge from the same month in 2019—the strongest increase since December 2003—and following the already-robust 10.5% rise logged in February. The acceleration stood in sharp contrast with a slowdown in U.S. non-farm payrolls growth, possibly reflecting workers rushing to send cash home ahead of deteriorating economic conditions in the U.S.

In the 12 months up to March, remittances totaled a record-high USD 37.5 billion, above the USD 36.4 billion recorded in the 12 months up to February. March’s 12-month rolling total marked a 9.2% increase from a year earlier (February: +7.0% year-on-year).

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