From January to July 2024, the flow of remittances to Mexico reached 36.94 billion dollars, an annual increase of 2.9 percent and the highest amount recorded for this period since records began, according to data from the Bank of Mexico (Banxico).
However, the central bank’s monthly report indicated that in July alone, the flow of remittances decreased by one percent year-on-year, reaching 5.614 billion dollars.
Remittances, which are one of the country’s main sources of foreign currency, were dragged down in that month by a lower average amount of remittances, which overshadowed an increase in the number of transactions.
According to the central bank, the number of transactions – mainly from the United States – increased by 0.8% year-on-year to 13.9 million transactions. However, the average amount per transfer decreased by 1.8% to $402.
Approximately 99 percent of remittances sent to Mexico were made through digital channels, although cash, money orders and in-kind shipments, such as clothing or shoes, were also recorded.
In a comparison of the last twelve months, Banxico reported an accumulated flow of remittances of 64,353 million dollars.
Recently, during the delivery of the Sixth Government Report, President Andrés Manuel López Obrador highlighted the performance of remittances during his six-year term.
In addition, he projected that the amount of remittances that will arrive in the country by the end of 2024 will be 65 billion dollars, a figure higher than the 63 billion sent last year.