Mexico: Remittances rebound in May despite Covid-19 hammering U.S. jobs market
July 1, 2020
Remittances totaled USD 3.4 billion in May (April: USD 2.9 billion), representing a 3.0% increase from the same month a year ago and rebounding from the 2.6% drop logged in April which had marked the steepest fall in over four years. The bounce-back came despite the Covid-19 pandemic wreaking havoc on the economy and jobs market in the U.S., with non-farm payrolls still in the doldrums in May despite some recovery from April. Meanwhile, the average amount remitted fell to USD 319 from USD 329 a month prior.
In the 12 months up to May, remittances totaled a record-high USD 37.5 billion, fractionally above the USD 37.4 billion recorded in the 12 months up to April. May’s 12-month rolling total marked an 8.3% increase from a year earlier (April: +8.4% year-on-year).
Author: Javier Colato, Economist