remittances-from-mexicans-sent-to-their-country-break-another-record-in-july-at-$5,297-million-dollars

The Bank of Mexico (Banxico) reported that in July of 2022, income from remittances from abroad reached a level of $5,297 million dollars, which meant an annual increase of 16.5%.

On the other hand, remittances sent abroad by residents of Mexico stood at $90 million dollars, which represented an annual contraction of 5.3%.

With Based on these results, Banxico indicates that in July of 2022 the surplus in Mexico’s remittance account with the rest of the world was $5,206 million dollars, greater than 4, 450 million dollars observed in the same month of 2021.

In the seventh month of 2022 income from remittances arriving in Mexico increased at a monthly rate of 4.4%, in so much so that expenditures decreased at a monthly rate to 0.7%. Thus, in July of 2022 the remittance account surplus was $4,972 million dollars, higher than the $4,756 million dollars that was presented last June.

Banxico reported the accumulated figures from January to July of 2022

The Mexican central bank indicated that the accumulated amount of income from remittances in the period January – July 2022 amounted to $32,812 million dollars, greater than $28,192 million dollars reported in the same period of 2021 and that implied an annual expansion of 16.4%.

In the period January – July 2022, the 99% of the total income from remittances is made through electronic transfers, being located at $,482 millions of dollars.

On the other hand, remittances made in cash and kind and money orders represented respectively 0.7 and 0.3% of the total amount, being located in 207 and 101 million dollars, in the same order.

Accumulated figures for the last twelve months

Banxico indicates that the accumulated flow of income from remittances in the last twelve months (August 2021 – July 2022) recorded a level of $56,206 millions of dollars, higher than the twelve-month cumulative flow reported last June of $55,454 million dollars (July 2021 – June 2022).

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By Scribe