remittances-sent-by-mexicans-to-their-country-register-a-historical-maximum-in-the-first-two-months-of-2024Remittances sent by Mexicans to their country register a historical maximum in the first two months of 2024

The Bank of Mexico (Banxico) announced that Mexicans living abroad, mainly in the United States, sent their families $9,085 million in remittances during the first two months of 2024, which represented an annual increase of 3.4 %, a new historical maximum for that period.

Monthly figures

According to Banxico, income from remittances from abroad stood at $4,510 million dollars for Mexico in February 2024, which implied an annual increase of 3.8%.

For their part, remittances sent by residents in Mexico abroad showed an annual expansion of 37.8%, reaching $111 million dollars.

With these results, the surplus of Mexico’s remittance account with the rest of the world was $4,399 million dollars, greater than the $4,267 million dollars that was presented in February 2023.

In February 2024, remittance receipts showed a monthly decrease of 0.9%, while expenditures registered an increase of 10.6%. Thus, in February 2024 the surplus in the remittance account was $5,128 million dollars, which compares to the $5,184 million dollars reported in the previous January.

Accumulated figures in the period January-February 2024

On the other hand, in the first two months of 2024, the value of income from remittances was $9,085 million dollars, an amount higher than the 8,783 million dollars observed in the same period of 2023 and which represented an annual increase of 3.4%.

During the first two months of 2024, 98.7% of total remittance income was made through electronic transfers, totaling $8,965 million dollars.

For their part, remittances made in cash and in kind and money orders respectively represented 1.1 and 0.2% of the total amount, registering levels of $97 and $23 million dollars, in the same order.

Remittance expenditures reached a level of $218 million dollars in the first two months of 2024, an amount greater than the $165 million dollars reported in the same period of 2023 and which implied an annual growth of 32.7%.

With these results, the surplus balance of the remittance account during the period January – February 2024 was $8,866 million dollars, a figure higher than the $8,618 million dollars observed in the first two months of 2023 and which represented an annual increase of 2.9%.

Figure last 12 months

In the last twelve months (March 2023 – February 2024), the accumulated flow of remittance income stood at $63,622 million dollars, higher than the level reached last January of $63,459 million dollars (February 2023 – January 2024).

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By Scribe