Mexico Remittances April 2021

Mexico

Mexico: Remittances increase more rapidly in April

June 1, 2021

Remittances totaled USD 4.1 billion in April, representing a 39.1% year-on-year increase. This follows March's 2.8% year-on-year expansion. On a 12-month moving average basis in April, remittances totaled USD 43.0 billion, above the USD 41.8 billion registered in March. April’s 12-month rolling sum represented a 13.5% rise from a year earlier (March: +10.4% year-on-year).

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

Analysts project remittances to rise to USD 43.2 billion in 2021. For 2022, the panel sees remittances at USD 45.0 billion.


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Mexico Remittances Chart


Mexico Remittances April 2021 1

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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