Mexican economy received 52 thousand 888 million dollars citizens living abroad between January and October this year, an increase of 9.4% compared to the same period last year, reported this Friday Bank of Mexico (Banxico).
At the same time, Mexico exceeded the $48.339 million received in the first 10 months of 2022 by more than $4.500 million.
The average individual remittance between January and October was $395, up 1.3% from $390 in the same period in 2022.
The number of transactions over the same period increased by 8%, reaching 134 million from the previous figure of 124 thousand 5 million, 99% of which were electronic transfers.
Mexico attracted $5.812 million in investment in October alone. Money transfers, year-to-year growth was 8.4%, although monthly decline was 1.9%.
The increase in remittances in 2023 continues the upward trend observed since March 2020 at the start of 2020. COVID-19 pandemic, with more than 40 months with consistent interannual increases, which represent the main source of external income for the country.
On the other hand, Banxico reported that from Mexico were sent abroad $1.025 million in remittances in the first 10 months of 2023, an annual increase of 11.5%.
Mexico received a record $58.497 million in 2022, up 13.4% from 2021 and the ninth year in a row.
He President Andrés Manuel López Obrador expressed his gratitude several times to the 38 million Mexicans in USA, from whom most of the donations come and whom he considers “heroes”, estimating that they benefit almost 10 million poor families.
According to the president, Mexico will become the second largest country in the world in 2022, behind only India, in the volume of receipt of remittances.
Remittances account for about 4% gross domestic product (GDP) Mexico, according to BBVA bank calculations.
Although a report from the Signos Vitales association indicates that about $4.4 billion, or 7.6% of remittances sent to Mexico in 2022, will come from organized crimein an operation that will serve to launder money from drugs spreading, something that López Obrador rejected.
(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.
