Mexicans outside their country continue to send dollars to their relatives in an important way. The Bank of Mexico (Banxico) reported that in the first month of 2022, income from remittances from abroad stood at $3,931 million dollars, which were derived from 10.6 million transactions, with an average shipment of $371 dollars.
In this way, in January 2022 income from remittances registered an annual increase of 19.6%, as a result of advances of 10.4% in the number of remittances and 8.3% in the amount of the average remittance.
According to Banxico, in January of 2022, the 51.6% of the Total income from remittances was made through electronic transfers, accounting for $3,875 million dollars. On the other hand, remittances
made in cash and kind and money orders represented 1.0 and 0.4% of the total amount, respectively, showing levels of $39 and $17 million dollars, in the same order.
Data from the Mexican central bank indicate that in the last twelve months, from February 2021 to January 2022, the accumulated flow of income from remittances was $52,229 million dollars, higher than the accumulated twelve months of previous December, when it was $51,586 million dollars (between January 2021 and December 2021).
This income, which mainly comes from of Mexican migrants living in the United States, represents the second source of foreign exchange for Mexico, after automotive exports.
Alberto Ramos, economist for Latin America at Goldman Sa chs, pointed out that by passing the exchange filter to remittances, Mexican households perceived an increase of 10% real annual during January.
The foregoing despite the depreciation experienced by the Mexican peso of 2.9% during the first month of the year.
The Mexican government has on different occasions thanked the 39 millions of Mexican workers in the United States, since their remittances benefit around 10 million poor families.
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