LatinNews Daily - 3 June 2025

*Mexico’s central bank (Banxico) has released new figures on remittances for April, showing a sharp drop from the same month last year. In April 2025, remittances to Mexico totalled US$4.76bn, down 12.1% on April 2024. The result is also down 6.9% on the previous month. In the first four months of the year, remittances to Mexico totalled US$19.02bn, down 2.5% on the US$19.50bn received in the same period of 2024. The number of remittance transactions (12.4m) and average value sent (US$385) were also down in April 2025, by 8.1% and 4.4% respectively as compared to April 2024. According to Gabriela Siller, the head of economic analysis at Mexican private bank Banco Base, the yearly drop in remittances is the largest since September 2012. Siller attributes the drop to the deterioration in the US labour market and migrants’ fear of being deported due to the hardline measures of US President Donald Trump, which she said had prevented migrants from going to work and sending remittances. The drop also comes as the US senate is debating a bill that would introduce a 3.5% tax (down from an initial proposal of 5%) on remittances sent from the US, a proposal that Mexico’s government led by President Claudia Sheinbaum has vehemently rejected.

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