Mexico | Remittances to Mexico and Latin America continue to grow despite Covid-19

Summary

Immersed in the Covid-19 pandemic, in August remittances to Latin America and the Caribbean continued to increase: Mexico (+5.3% at an annual rate), Dominican Republic (+22.5%), El Salvador (+18.7%) , Guatemala (+7.1%), and Colombia (+0.3%).

Key points

• Key points:
• Remittances sent to Mexico reached four consecutive months with growth amid the Covid-19 pandemic. They reach 3,574 million US dollars with a growth of +5.3%.
• During the month of August, various countries in Latin America and the Caribbean presented a growth in remittances: the Dominican Republic increased +22.5% at an annual rate, El Salvador +18.7%, Guatemala +7.1%, and Colombia +0.3%.
• Unemployment rate low in the US at 8.4%, but 11.5 million jobs lost due to the pandemic still have to be recovered, of which 2.6 million were of Hispanic or Latino origin.

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