Mexican migrants sent 2.86 billion dollars to their relatives living in Mexico in April, which represents a decrease of 2.6% compared to what was registered in the same month last year, but it is still an impressive amount compared to others. countries suffering the economic effects of the coronavirus pandemic.
Most of the Mexican migrants live and work in the United States, where unemployment has increased due to the confinement measures implemented by the pandemic. Although Mexican migrants were unable to keep up the fast pace of March – when they broke records and sent home $ 4 billion – they managed to do wonders by dropping so little in April.
In the first four months of 2020, remittances increased 12.6%. And given the huge drop in the value of the Mexican peso so far this year, remittances sent in dollars will give much more.
Mexico’s central bank reported that the average amount of remittances was about $ 329 in April. Remittances are the second largest source of income from abroad in Mexico, after exports.
The BBVA bank wrote in an analysis report that remittances to El Salvador and Guatemala fell much more than those sent to Mexico. In April, remittances sent to El Salvador decreased 40% and those destined for Guatemala decreased 20.2%.
The report points out that at the moment there is no explanation as to why Mexican remittances continued to be much stronger, pointing out that there was no clear difference in the levels of citizenship or education, or in the geographical distribution, that could explain it.
“Possibly it would also be necessary to analyze the characteristics of the population of Mexican descent born in the United States who are also important remittance senders to our country,” the report points out.