Mexico Remittances March 2022

Mexico

Mexico: Remittances increase in March

May 2, 2022

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).

Analysts project remittances to rise to USD 55.9 billion in 2022. For 2023, the panel sees remittances at USD 54.9 billion.


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Mexico Remittances Chart


Mexico Remittances April 2022

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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