Mexico: Remittances increase in March
Remittances totaled USD 4.7 billion in March, representing a 12.6% year-on-year increase. This follows February’s 23.3% year-on-year increase. The strong U.S. labor market continues to buoy remittances inflows, which should have provided some support to private consumption in the first quarter.
On a cumulative 12-month basis up to March, remittances summed USD 53.5 billion, following the USD 52.2 billion registered in February. March’s 12-month moving average signaled a 27.9% rise from a year earlier (February: +27.0% year-on-year).