Mexico Receives Record $47.071 Million in Remittances In the first three quarters of 2023, growth was 9.5% year on year, the Bank of Mexico (Banxico) said on Wednesday.
In this way Mexico has surpassed over $4 billion, $42,978 million received in the first nine months of 2022, when a historical figure was also reported for a similar period.
The average size of individual remittances in the period from January to September was $394 1.1% higher than $390 for the same period in 2022.
The number of transactions during the same period increased by 8.4% compared to the same period last year, increasing from 110.4 million for a total of 119.38 million, 99% of them are electronic transfers.
Only in September Mexico received $5.613 million in remittances. the monthly growth was 5.4% and the annual increase was 11.4%.
The growth of remittances will continue in 2023. an upward trend has been noted since March 2020at the onset of the Covid-19 pandemic, with over 40 months of consecutive year-on-year growth, they therefore represent a major source of external income for the country.
Mexico received a record $58.497 million in 2022, implying growth of 13.4% compared to 2021 and the ninth consecutive annual increase.
On the other hand, Banxico reported that from Mexico $916 million in remittances were sent abroad During the first three quarters of 2023, annual growth will be 11.7%.
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“Thus, in the period January-September 2023, the surplus in the remittance account was level 46.155 million dollarsThis amount exceeds the $42,158 million observed during the same period in 2022 and represents an annual increase of 9.5%,” the central bank said.
President Andrés Manuel López Obradorthanked the 38 million Mexicans in the United States several times.from whom most of the donations come, and whom he calls “heroes,” estimating that their remittances benefit nearly 10 million poor families.
“It’s a phenomenon, it’s part of how loving the people of Mexico are, the brotherhood that exists, how they support their families this year. The volume of remittances is expected to exceed $63 billion. a record that has never happened before,” Lopez Obrador said at a Tuesday morning news conference.
According to the president, at the end of last year Mexico became the second country in the world after India. in the volume of receipt of remittances.
Money transfers represent about 4% of Mexico’s gross domestic product (GDP), according to BBVA bank calculations.
While a report from the Mexican association Signos Vitales warns that some $4.4 billion 7.6% of remittances sent to Mexico in 2022 They could come from organized crime, in an operation that will serve to launder money from drug trafficking.
(EFE)
Source: Aristegui Noticias
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
