Mexican workers outside the country sent more money back to Mexico in March than in any previous month on record.
Remittances from the roughly 12 million Mexican workers living abroad climbed to $4.15 billion, 2.6% higher than March 2020 and 31% higher than February, according to new central bank data. Analysts say the increase is attributable in part to stimulus checks provided by President Joe Biden and Congress as a part of his COVID-19 relief package.
Mexican workers abroad sent home a record amount of cash in March https://t.co/BtiWll0Z31
— Bloomberg (@business) May 3, 2021
“The expectation of continued fiscal stimulus and robust growth profile in the U.S. should keep remittances flow strong in 2021,” said chief Latin America economist for Goldman Sachs, Alberto Ramos. He added that stimulus has boosted the amount of cash available to send home, leading remittances to surge past analyst projections. (RELATED: EXCLUSIVE VIDEO: Migrants Crossing The Rio Grande Valley All Say The Same Things)
275,000 more Mexicans were employed in the U.S in March 2021 than the year before, according to the Center for Latin American Monetary Studies. Remittances account for more than 3% of Mexico’s annual GDP. Nearly 100% of remittances sent back to Mexico from abroad come from the United States, according to the World Bank.