Mexico City.– Remittances to Mexico, a monetary flow directly linked to the country’s migration phenomenon, could increase by around 5 percent and reach an amount close to 66.5 billion dollars, which would be equivalent to 3.7 percent of the national Gross Domestic Product (GDP) in 2024, estimated BBVA Research.
Remittances to Mexico have grown significantly in recent years, increasing by 70 percent between 2019 and 2023, from $37.3 billion to $63.3 billion, the financial institution highlighted in its report “Profile of Mexican Migrants in the United States,” published today.
Since 2021, Mexico has risen to second place worldwide as a recipient of remittances, displacing China, according to the document prepared by BBVA’s Economic Studies area. It is estimated that in 2022 more than 1.7 million households in Mexico received remittances, which covers a total of 6.1 million people.
In general, remittances are unilateral transfers sent by migrants or people of Mexican descent to their relatives or acquaintances in their communities of origin in Mexico.
The vast majority of the Mexican migrant population resides in the United States. For this reason, 96 percent of the remittances that arrive in the country come from the neighboring country to the north and almost all are sent through electronic transfers.
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