•RECORDS: With data from December still to come, remittances to Mexico from migrants abroad in 2020 have already broken yearly records with Mexico’s Central Bank reporting US $36.9 billion received between January and November. Remittances for the entire 2019 totaled US $36.0 billion.
•FACTORS: Among the factors aiding the performance of migrant remittances to Mexico are the US stimulus checks benefiting legal immigrants, the increased use of electronic transfers due to restrictions at the US-Mexico border and the US dollar-peso exchange rate, according to BBVA Research.
•DEPENDENCE: “Due to the increase in remittances and the contraction of the Mexican economy in 2020, we estimate that Mexico’s dependence on remittances could reach an all-time high of 3.8% of its GDP”, BBVA Research’s remittances analysts Juan José Li Ng wrote in a research note.
•NUMBERS: Defying predictions, remittances to Mexico during the global coronavirus economic crisis have not seen signs of a slowdown. Moreover, 2020 saw some of the highest monthly remittances levels in history with US $4.0 billion recorded in March and US $3.38 billion in November.
