April’s remittances soared 39%; January-April figures up 19%
The increase in payments for April is the largest percentage increase since 2005
Remittances to Mexico jumped nearly 40% in April, posting the largest increase in nearly two decades, according to the Bank of Mexico.
Cash sent from overseas reached US $ 4.05 billion, an increase of 39.1 percent from the same month in 2020, when uncertainty over the pandemic hampered the flow of remittances. The percentage jump was the biggest since 2005.
In the first four months of 2021, remittances totaled $ 14.7 billion, 19% more than the equivalent period in 2020.
So far this year, March has had the highest revenue, reaching an unprecedented $ 4.15 billion.
However, the average payout was $ 4 higher in April than in March, reaching US $ 375.
Banorte experts said the level of remittances sent by nationals overseas was due in part to the US government’s economic support to families and the resumption of employment among Mexicans abroad.
The country is on track to surpass its 2020 record for remittances and Banorte estimates payments could rise 10% by the end of the year.
Sources: Reuters, Milenio (sp), La Jornada (sp)