Mexico | After a drop in March, remittances grow 8.3% in the month of April

Summary

After the start of the pandemic in the US, the Latino employed population had a more dynamic recovery, and by November 2021, 19 months after its lowest point, it had already been able to recover to its pre-pandemic levels. In contrast, the non-Latino population recovered until January 2023, 33 months later.

Key points

• Key points:
• After the 3.4% drop in March 2024 that ended a streak of 46 consecutive months of growth, remittances to Mexico increased 8.3% in the month of April, reaching 5,422 million dollars.
• The appreciation of the Mexican peso against the US dollar and inflation have affected the flow of remittances to the country. In real terms, in April 2024, households in Mexico received 4.1% fewer remittances compared to April 2023.
• Due to the COVID-19 crisis, in April 2020, 5.8 million jobs were lost among the Hispanic or Latino population in the United States compared to the last quarter of 2019, which represented the loss of 1 in 5 jobs in this population.
• However, currently Latino employment in the United States is 10% above the pre-pandemic level (from 28.3 to 31.2 million jobs), while non-Latino employment is stagnant at the levels observed before the pandemic (130.3 million jobs).

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