• PROJECTIONS: Migrant remittances to Mexico are expected to break records again in 2021 with economists predicting a rise of at least 7 percent to US $43.4 billion as the US economy gains steam. Mexican migrants abroad sent home a historic US $40.6 billion in 2020 amid the coronavirus downturn.
• JANUARY: Remittances to Mexico during January experienced a 25 percent growth compared to the same month of last year bringing analysts at BBVA Research and BANORTE Economic Research to predict a new record year. Total remittances to Mexico in January totaled US $3.2 billion.
• FACTORS: “The gradual reduction of the unemployment rate (in the US) , the accelerated vaccination implementation…and the economic stimulus package…could improve conditions for Mexicans working in that country”, said Juan José Li Ng , BBVA Research’s remittances specialist.
•STATES: For the first time in 15 years, the Mexican western state of Jalisco displaced neighboring Michoacán as the top recipient of migrants remittances in 2020. Analysts expect Jalisco to retain its top position in 2021 followed by Michoacán, Guanajuato, Mexico City and State of Mexico.
