Mexico | Remittances surprise in April (+ 39.1%), world remittances contract 2.4% in 2020

In April 2021, 4,048 million USD entered Mexico in remittances, it is the second largest month exceeded only by March 2021. In 2020, the World Bank estimated that remittances worldwide could fall 19.9% in 2020, however, the latest estimates suggest that they only contracted 2.4%.

Key points

• Key points:
• In April 2021, 4,048 million USD entered Mexico in remittances, +39.1% compared to the same month of the previous year. This amount is the second largest received in a single month, surpassed only by March 2021, which holds the record, and no growth of such magnitude has been observed for almost 18 years, since 2003.
• In April 2020, during the first months of the start of the COVID-19 pandemic, the World Bank estimated that remittances worldwide could fall 19.9% in 2020, however, the latest estimates made in May of this year point to that only contracted 2.4%.
• By 2021, Latin America and the Caribbean will become the region with the greatest dynamism in the reception of remittances in the world, with a growth of 4.9% and adding an annual flow of 108 billion US dollars.

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