The Bank of Mexico (Banxico) announced that income from remittances from abroad amounted to $5,003 million dollars in April 2023, which implied an annual increase of 6.3%, the lowest advance in five months.
For their part, remittances sent by residents of Mexico abroad showed an annual decrease of 21.9%, standing at a level of $89 million dollars.
With these results, the surplus of the remittance account of Mexico with the rest of the world was located at $4,915 million dollars, higher than the $4,594 million dollars that occurred in April 2022.
In the fourth month of 2023, income from remittances registered a monthly increase of 1.2%, while expenditures exhibited a monthly reduction of 28.4%. Thus, in April 2023 the surplus of the remittance account was $5.118 million dollars, which compares with the $5.022 million reported in March.
Regarding the period January – April 2023, the value of income from remittances was $18,974 million dollars, higher than the $17,230 million dollars observed in the same period of 2022 and which meant an annual expansion of 10.1%.
During the first quarter of 2023, 98.8% of the total income from remittances was made through electronic transfers, totaling $18.758 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, registering levels of $167 and $49 million dollars, in the same order.
In the last twelve months (May 2022 – April 2023), the accumulated flow of income from remittances was $60,254 million dollars, an amount higher than the level reported in March of $59,958 million dollars (April 2022 – March 2023).
Regarding remittances sent abroad, the accumulated flow in the last twelve months (May 2022 – April 2023) was $1,157 million dollars, a figure lower than that registered last March of $1,182 million dollars (April 2022 – March 2023 ).
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