In November 2023, the remittance flow the country slowed down by registering an approximate amount of four thousand 908 million dollarsthe equivalent of a annual increase of 1.88 percentthe lowest since April 2020, according to the Bank of Mexico (Banxico).
The amount reported by the central bank also represented a monthly drop of 15.5 percentor 903.3 million dollars, which broke a consecutive two-month streak of growth in the flow of remittances.
For the reference period, the average remittance sent by compatriots was 386 dollars, two percent lower than the amount registered in the same month of 2022, which was 394 dollars.
According to Banxicomost of the resources were sent through electronic means, although cash and in-kind channels were also used, which is when people send items such as clothing, footwear or other physical products.
Since the beginning of last year, specialists from Bank of America and BBVA Mexico They warned that the dynamism of remittances would be linked to the inflation and labor market conditions in United States.
In that sense, they explained that remittances would be an important pillar for consumption, which still remained resilient during 2023 despite the rise in prices of goods and services in Mexico.
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With the results obtained as of November, in the accumulated of the 11 months of 2023, remittances amounted to 57 thousand 796 million dollarsjust one percent higher than what was observed in the same period of 2022.
The expectation of the specialists is that at the end of the year the 60 billion dollars or that they grow between 10 and 11 percent annually.