Macro Analysis /
Mexico

Family remittances – Slight contraction on worsening employment conditions in the US

    Juan Carlos Alderete Macal
    Juan Carlos Alderete Macal

    Director of Economic Research

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    Francisco Jose Flores Serrano
    Francisco Jose Flores Serrano

    Senior Economist, Mexico

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    Banorte
    1 June 2020
    Published byBanorte
    Remittances (April): US$2,861.4mn; Banorte: US$3,139.7mn; consensus: US$2,620.5mn; (range: US$2,043 to US$3,246mn) previous: US$4,007.0mn. Inflows fell 2.6% y/y after the strong 35.5% expansion in March. In our view, this was likely payback from recent strength along worsening employment conditions in the US. Nevertheless, we believe the result was still positive.