Mexico | Record amount of remittances in a single month:USD 4,016 million in March (35.8%)

Summary

Immersed in the global crisis by Covid-19, remittances to Mexico reached a record of 4,016 million dollars in March. This is equivalent to a 35.8% growth, an increase not seen for 16 years. The sudden increase is partly explained by the strong appreciation of the US dollar against the peso, which increased by 25%.

Key points

• Key points:
• Amid the global Covid-19 crisis, remittances to Mexico reached a record high, reaching 4,016 million dollars in the month of March. This is equivalent to a 35.8% growth compared to the same month the previous year, an increase not observed for 16 years.
• This unusual growth in remittances in March was not observed in other countries with significant diasporas in the United States, such as Guatemala and El Salvador.
• The sudden increase in remittances is partly explained by the strong appreciation of the US dollar against the peso, which increased by about 25% in March.
• In Jalisco, Campeche, Mexico City and Baja California remittances grew more than 25%.
• The municipalities of Tijuana, Guadalajara, Puebla, Morelia and Álvaro Obregón received more than 100 million dollars for remittances in the first quarter of 2020.

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