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Remittances have accumulated a 30-month consecutive upward streak, since May 2020. Despite their dynamism, the inflation in basic basket products (+8.4% in October 2022) and the strength of the Mexican Peso against the US dollar have stagnated the growth of remittances in real terms.
So far in 2022, remittances to Mexico show a lower performance in relative terms compared to other countries in the Latin American and Caribbean region such as Guatemala (+20.8%), Honduras (+20.6%), Nicaragua (+ 38.4%) and Brazil (+25.4%).
The surprising growth of remittances to Mexico during 2020 and 2021 is not particular to the country, but is common among many LAC countries. In 2021, remittances to Guatemala increased 34.9%, higher than the increase in Mexico (+27.1%), El Sal…
In November, remittances to Mexico grew 37.7%. In 2021, the Mexican migrants in the United States grew to 11.9 million, 1 in 5 are employed in the construction sector. Several countries in Latin America and the Caribbean have also reported sign…
Remittances to Mexico have increased 25.6% so far this year. However, this growth is common in the region, the World Bank estimates that remittances to Latin America and the Caribbean will increase 21.6% during 2021.
August 2, 2021
In June, 4,440 million dollars (md) entered Mexico in remittances (+ 25.5%) and achieved a streak of 14 consecutive months with increases. During the 1st semester they accumulated 23,618 md, achieving an advance of 22.4% at an annual rate. 95.2% of remittances were sent from the US.
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.
Remittances to several countries in Latin America and the Caribbean grew at double digits during the month of February 2021: Mexico (+ 16.2% in USD), Guatemala (+ 16.7%), El Salvador (+ 13.0%), Dominican Republic (+ 27.6%) and Colombia (15.4%).
The recovery of growth in Latin America continues to be very uneven. We are simultaneously dealing with the impact of the Argentine exchange rate crisis, the uncertainty generated by the reforms of the new government in Brazil and the mixed new…
The recovery of growth in Latin America continues to be very uneven. We are witnessing at the same time the impact of the currency crisis in Argentina and uncertainty over how far-reaching the new Brazilian government’s tax and pension reform…
We characterize consumer confidence cycle across LatAm using Markov-switching models. Our findings show that a core group of countries shares a statistical common ground for both confidence’s boom and bust cycle synchronisation. Notably, Argentina and Chile tend to lead consumer mood shifts, playing a leading role in propag…
