As it does on a monthly basis, the Bank of Mexico (Banxico) reported that remittances sent by Mexicans working in the US to their relatives in Mexico rebounded in May by recording annual growth of 10.7%, from 6.3% in April, to add $5,693 million dollars.
The figure represented a new historical amount and is explained by the effect of Mother’s Day.
On the other hand, remittances sent abroad by residents of Mexico stood at $101 million dollars, which represented an annual growth of 18.4%.
With these results, in May 2023 the surplus of the remittance account of Mexico with the rest of the world was $5,592 million dollars, higher than the 5,057 million dollars reported in the same month of 2022.
With seasonally adjusted data, in the fifth month of 2023 remittance inflows and outflows increased at monthly rates of 0.2 and 23.9%, respectively. Thus, in May 2023 the remittance account surplus was $5.095 million dollars, which compares to the $5.106 million observed in April 2023.
In accumulated figures, in the period January-May 2023, the amount of income from remittances amounted to $24,667 million dollars, higher than the $22,372 million dollars registered in the same period of 2022 and which implied an annual increase of 10.3%. .
In the period January-May 2023, 98.9% of the total income from remittances was made through electronic transfers, reaching $24.397 million dollars. For their part, remittances made in cash and kind and money orders represented 0.9 and 0.2% of the total amount, respectively, standing at $209 and $60 million dollars, in the same order.
Regarding the accumulated figures for the last twelve months, the flow of income from remittances (June 2022 – May 2023) was $60,805 million dollars, higher than the accumulated flow for twelve months registered last April of $60,254 million dollars. (May 2022 – April 2023).
Keep reading:
· Mexicans in the US sent their relatives $5,003 million dollars in April 2023
· Migrants who send remittances to their relatives lose around $2.2 billion dollars due to exchange rate surcharges, says Wise research
· International Day of Family Remittances: Mexico is the second recipient country in the world