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Remittances from the US to Mexico dropped sharply in April.
According to Bank of Mexico data, Mexican families received $4.78 billion in remittances in April, a $380 million drop from March and down 12.1% from April 2024.
Money sent home by Mexican workers abroad dropped sharply in April, making this third straight monthly decline and raising concerns over a proposed US tax that could further reduce this vital income stream.
Data released by the Bank of Mexico this week shows that Mexican families received $4.76 billion in remittances in April—a $380 million drop from March’s total of $5.14 billion. Compared to April 2024, this is a 12.1 percent decrease, the largest year-over-year fall since September 2012, says Reuters.
Last year, remittances to Mexico totaled $64.7 billion, representing about 4 percent of the country’s gross domestic product.
Analysts pointed to Donald Trump’s immigration actions as a likely reason for the drop.
The data was the biggest year-on-year drop since 2012.
Analysts said the slump likely resulted from a broad crackdown on migration in the U.S. since President Donald Trump came to power in January, as authorities revoke some Biden-era protections and increase raids across the country.
The latest data marks the steepest year-on-year drop since September 2012, according to central bank data.
Big win!