Mexicans working abroad sent a substantial sum of USD 4.8 billion to their homeland in April, making Mexico the second largest recipient of remittances in the world behind India. However, remittances in April were down 12% from a year ago, the largest drop since 2012. Quarterly figures can be volatile, but a broader trend is visible with total remittances in the last 12 months only growing 1% compared to the year before. This compares to remittances growing more than 10% per year for several years before. The vast majority of remittances to Mexico come from the US and the new administration’s immigration policy could have contributed to the drop. US senators are considering legislation that would put a 3.5% tax on remittances, which could actually boost remittances in the short-term as workers get ahead of it becoming law.
Source: Banco de México, June 2025