In 2023, the remittances sent by compatriots reached a historic high of 63 thousand 320 million dollarsthe highest figure recorded during the government of Andres Manuel Lopez Obrador.
According to your Sixth Government Reportthe amount of remittances sent is attributed to the strength of the US labor marketreferring to the large mass of wage earners of Mexican workers abroad who send money to their families.
“In 2023, remittances were 184 percent higher than in 2018. This record figure benefits 12 million families in towns, municipalities and states across the country. The support of our fellow countrymen to their families has become the main source of income for our country,” AMLO said during his speech at the Zócalo in Mexico City.
According to Banxicothe body that records these foreign incomes, the more than 63 billion dollars, in addition to being the highest amount since records began in 1995, represented an increase of 7.6 percent compared to 2022.
The report also highlighted that, from January to June 2024, remittances from abroad exceeded 31 billion dollars. In his speech, AMLO projected that by the end of the year the inflow of transfers will reach 65 billion dollars.
During his six-year term, President López Obrador has thanked the remittances sent by fellow citizens and has mentioned that it is a priority issue for his government, considering the remittances as one of the country’s main sources of income.
Read more: Remittances exceed 14,105 million dollars in the first quarter
However, analysts believe that the increase in remittances does not necessarily reflect a success of the government. AMLObut is due to external factors, such as the high employment rate of Mexicans abroad.
One of the projects was to convert Financial for Well-Being in the national remittance company.
According to the report, the Countryman Remittance Programof this institution, allowed the sending of 8.3 million dollars to Mexico from September 2023 to June 2024, which represents just 0.5 percent of the total income sent by compatriots to the country.
A little over a year after the launch of the program, the institution has issued 11,350 cards to compatriots and has registered 27,100 shipments of money to Mexico.