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May 4, 2020
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%.
April 1, 2020
Due to the uncertainty regarding its duration, it is difficult to estimate the impacts of the Covid-19 crisis on the flow of remittances to Mexico. This article makes an estimate based on the effects of the past global financial recession of 2008/2009 on remittance flows. Three scenarios are presented.
February 4, 2020
For the fourth consecutive year, remittances exceeded their historical maximum. 94.6% of remittances come from the US. Michoacán (3,584 md), Jalisco (3,499 md) and Guanajuato (3,286 md) were the main recipients of remittances in 2019. Remittances could grow 6.0% and reach 38.2 billion dollars in 2020.
May 2, 2019
The Government of Mexico presents the National Development Plan 2019-2024, with migration being one of its 12 guiding principles. The Plan seeks to prevent people from migrating due to lack of opportunities or insecurity. In March, 2,897md in remittances (+8.3%) entered Mexico, and in 2019Q1 they accumulated 7,699md (+7.1%)
March 1, 2019
The government presented a ten-point summary of its Migrant Protection Strategy for 2019–2024, which details: 1) a new vision focused on migrants' rights and 2) the expansion of the mobile consulate system to reach the most remote populations.
February 1, 2019
Of the remittances received by Mexico in 2018, 94.1% came from the U.S., 97.7% were sent by electronic means and 71.7% were disbursed in non-banking institutions. 7 states accounted for half of the remittances that arrived in the country: Michoacán (US$3,393 millon), Jalisco (3,288), Guanajuato (3,046), Mexico (1,903), Oaxaca (1,731), Puebla (1,699) and Guerrero (1,615).
December 3, 2018
October was the 31st consecutive month of positive year-on-year growth in remittances, with a total of US$2.94 billion being sent to Mexico, representing year-on-year growth of 3.4%.
November 1, 2018
The US unemployment rate in September was 3.7%, its lowest level for nearly fifty years, favouring employment of Mexican immigrants and remittances to Mexico. Employment of the population of Hispanic origin in the US continues its rising trend, surpassing 27 million people in employment in September.
October 1, 2018
The dynamics of remittances are explained firstly by the number of transactions recorded, which increased by 5.0%, and secondly by the 3.8% increase in the average amount of remittances. In real terms, remittances grew by 9.9%, mainly due to the exchange rate effect.
September 3, 2018
In July 2,866.5 million dollars (md) of remittances entered Mexico, growing at an annual rate of +10.3%, an amount very close to that forecast by BBVA Research (2,876 md) and that of market consensus (2,900 md). With this figure, remittances have seen 28 consecutive months of growth since April 2016, during which average growth rates of 11.0% were reported.
August 1, 2018
Tijuana, Guadalajara, Puebla, Morelia, and Culiacán were the municipalities that received the most sizeable remittance totals in the first half of 2018, of which Guadalajara and Morelia were notable for exhibiting YoY growth rates of 22.1% and 25.8% respectively.
July 2, 2018
May saw US$3,097.7 million in remittances, representing a YoY increase of 19.8%, the biggest increase seen in the past 18 months. The Mother’s Day effect, the favourable economic conditions in the US (unemployment at 3.8%) and the appreciation of the dollar against the peso seen in May are the three factors explaining this all-time record figure for remittances.
