remittances-from-mexicans-continue-unstoppable,-they-send-their-country-$5.651-million-dollars-in-julyRemittances from Mexicans continue unstoppable, they send their country $5.651 million dollars in July
Jorge Vazquez avatar

By Jorge Vazquez

02 Sep 2023, 10:26 AM EDT

The Bank of Mexico (Banxico) reported that the remittances that Mexicans sent to their country, mainly from the US, reached a level of $5,651 million dollars in July 2023, which meant an annual increase of 6.6%.

On the other hand, remittances sent by residents of Mexico abroad amounted to $103 million dollars, which represented an annual increase of 14.5%.

In this way, in July 2023 the surplus of the remittance account of Mexico with the rest of the world was $5,548 million dollars, higher than the $5,211 million dollars reported in the same month of 2022.

In the seventh month of 2023, income from remittances increased at a monthly rate of 1.5%, while outflows fell at a monthly rate of 5.5%. Thus, in July 2023 the remittance account surplus was $5.247 million dollars, higher than the $5.161 million observed in June 2023.

According to data from Banxico, in the period January-July 2023, the accumulated amount of income from remittances amounted to $35,895 million dollars, higher than the $32,817 million registered
in the same period of 2022 and which implied an annual expansion of 9.4%.

In the period January – July 2023, 99.0% of the total income from remittances was made through electronic transfers, reaching $35.510 million dollars.

For their part, remittances made in cash and kind and money orders represented 0.8 and 0.2% of the total amount, respectively, standing at $301 and $84 million dollars,
in the same order.

Regarding the last twelve months, the accumulated flow of income from remittances from August 2022 to July 2023, was $61,588 million dollars, higher than the accumulated flow for twelve months registered last June of $61,238 million dollars (July 2022 – June 2023).

Keep reading:
· Remittances that Mexicans send to their relatives in their country set a new record in June
· International Day of Family Remittances: Mexico is the second recipient country in the world
· President of Mexico rejects that drug trafficking uses remittances from Mexicans to launder money from the United States

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