Remittances to Mexico increased by 8.7% between January and November 2023

Remittances to Mexico increased by 8.7% between January and November 2023

MEXICO - In a report by the Bank of Mexico (Banxico), it was established that there was a year-on-year increase of 8.7% in remittances sent to the country between January and November 2023, which would be equivalent to US$57 billion from citizens residing abroad.

With this, Mexico surpassed by more than US$4.6 billion the US$53.157 billion received in the first 11 months of 2022.

The average individual remittance between January and November was of US$394, 1% higher than the US$390 of the same period in 2022.

The number of transactions in this same period grew by 7.7% to US$146.7 million from a previous figure of US$136.2 million, 99% of which were electronic transfers.

In November alone, Mexico received US$4,908 million in remittances, a year-on-year increase of 1.9%, although a monthly decline of 4.7%.

The increase in remittances in 2023 continues with the upward trend marked since March 2020, at the beginning of the Covid-19 pandemic, with more than 40 months of consecutive interannual increases, making them the main source of foreign income for the country.

On the other hand, Banxico informed that remittances worth US$1.1 billion were sent abroad from Mexico during the first 11 months of 2023, an annual increase of 11.1%.

In 2022, Mexico received a record US$58.4 billion, a 13.4% increase over 2021 and the ninth consecutive annual increase.