The Bank of Mexico (Banxico) announced that in July 2024, income from remittances from abroad stood at $5,614 million dollars, which meant an annual reduction of 1.0%.
Remittances sent abroad by residents in Mexico reached $110 million, representing an annual growth of 21.7%.
With these results, in July 2024 the surplus in Mexico’s remittance account with the rest of the world stood at $5,504 million dollars, which compares with the $5,578 million dollars reported in the same month of 2023.
With seasonally adjusted data, in the seventh month of 2024, remittance income contracted at a monthly rate of 11.9%, while outflows remained at a similar level to the previous month (variation of 0.04%). Thus, in July 2024, the surplus in the remittance account was $5,108 million dollars, lower than the $5,813 million dollars observed in the previous June.
Accumulated figures for the period January-July 2024
The accumulated amount of remittance income in the period January – July 2024 amounted to $36,940 million dollars, higher than the $35,906 million dollars recorded in the same period of 2023 and which implied an annual growth of 2.9%.
In the period from January to July 2024, 99.0% of total remittance income was made through electronic transfers, reaching $36,572 million dollars. Meanwhile, remittances made in cash and in kind and money orders represented 0.8 and 0.2% of the total amount, respectively, at $296 and $72 million dollars, in the same order.
Accumulated figures for the last twelve months
According to Banxico, the accumulated flow of remittance income in the last twelve months (August 2023 – July 2024) was $64,353 million dollars, which compares with the accumulated flow to
twelve months recorded last June of $64,408 million dollars (July 2023 – June 2024).
In the last twelve months (August 2023 – July 2024), the accumulated flow of remittances sent abroad was $1,268 million dollars, similar to the accumulated amount for twelve months reported in June of $1,248 million dollars (July 2023 – June 2024).
In this way, the surplus of the remittance account for the last twelve months (August 2023 – July 2024) was $63,085 million dollars, which compares with the accumulated balance for twelve months observed in June 2024 of $63,160 million dollars (July
2023 – June 2024).
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