Mexico | Remittances are unstoppable, increased 31.0% in May, reaching a new all-time high

Summary

Remittances totaled 4,515 million USD in May. With a growth of 31.0%, they set a record in the reception of these resources. The effect of "Mother's Day" and the increase in the demand for migrant labor in the US economy are some of the factors that may explain this growth.

Key points

• Key points:
• Remittances to Mexico totaled 4,515 million USD in May. With a growth of 31.0%, they set a record in the reception of these resources, surpassing the previous maximum that had barely been reached in March of this year.
• Remittances present a streak of three consecutive months with monthly income of more than 4,000 million USD. Last April they entered 4,048 million USD and in March 4,157 million USD. In the first 5 months of the year, they have accumulated revenues of 19,178 million USD, 21.7% more than in 2020.
• The effect of "Mother's Day" and the increase in the demand for migrant labor in the US economy are some of the factors that may explain this growth.
• The performance of remittances to different countries in Latin America and the Caribbean outshines those of Mexico. During the month of May in El Salvador and Colombia, remittances increased by more than 60%, while in Guatemala and the Dominican Republic they increased by more than 45%.

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