The Bank of Mexico (Banxico) reported that in June of 2022 income from remittances sent by Mexicans to their country was at $5,153 million dollars, which implied an annual expansion of 15.6% and what they are linked with two months with remittances above $5,000 million dollars.
On the other hand, remittances sent abroad by residents of Mexico presented an annual increase of 0.6%, reaching a level of $84 million dollars.
With these results , in June of 2022 the surplus of the remittance account of Mexico with the rest of the world was $5,069 million dollars, greater than $4,374 million dollars registered in the same month of 2021 .
Banxico indicates that in June of 2022, income and expenses from remittances showed monthly increases of 1.6 and 3.7%, respectively. Thus, the remittance account surplus stood at $4,734 million dollars, higher than the $4,660 million dollars that was observed in the previous May.
According to the Mexican Central Bank, in the first semester of 2022, the value of income from remittances was $27,565 million dollars, a level never seen before for the same period, an amount greater than $23,647 million dollars reported in the same period of 2021 and which meant an annual increase of 16.6%.
During the first six months of 2022, the 98. 8% of the total income from remittances was made through electronic transfers, which were located in $27,240 million dollars, .
For their part, remittances made in cash and kind and money orders represented 0.9% and 0.3% of the total amount, respectively, being in $374 and $98 million dollars, in the same order.
Remittance outflows were $553 million dollars in the first half of 2022, an amount greater than $475 million dollars observed in the same period of 2021 and that implied an annual advance of 16.6%.
With these results, the surplus balance of the remittance account during the period January – June 2022 was $15, million dollars, a figure greater than $23,172 millions of dollars reported in the first half of 2021 and which represented an annual growth of 16.6%.
In the last twelve months (July 2021 – June 2022), the accumulated flow of income from remittances reached $55,504 million dollars, higher than the twelve-month accumulated flow registered in the previous May of $54,809 million dollars (June 809 – May 2022), which means a new historical record.
You may also be interested in:
– Migrants worried about economic recession but still plan to continue sending money to relatives, MoneyGram survey reveals
– Remittances from Mexicans sent to their fam Iliaries have a new rise in .3% in May
– A new record for remittances in Mexico: the good and the bad news