Mexico received 42,964 million dollars from its nationals abroad between January and September 2022, which represents an increase of 15% compared to the 37,349 million dollars in the same period of 2021.
Remittances from Mexicans to their country of origin total 29 months with sustained increases. They accumulated 42,964 million dollars between January and September of this year. In addition, in the first nine months of the year, the average individual remittance was 390 dollars, 4.25% higher than the average of 374 dollars in the same period of 2021.
Total operations increased from 99.8 million dollars to 110.12 million in that period of time and the majority were electronic transfers. In September alone, the amount of remittances was 5,030 million dollars, 14% more than the 4,408 million dollars in the same month of 2021.
According to the Bank of Mexico, in charge of the report, this is the highest figure for the same month since records are available.
This upward trend has been going on since May of this year, although it began during the pandemic, when the figure of 4,000 million dollars received from abroad was exceeded for the first time.
Mexico added 51,585 million dollars in remittances at the end of 2021, a record figure that represented an increase of 27% compared to the amount received in 2020, when they reached 40,605 million dollars.
Some remittances that increased due to the pandemic
During the 2020 pandemic, the increase was 11.4% compared to 36,438 million dollars in 2019, which helped mitigate the negative effects on the Mexican economy. The president of Mexico, Andrés Manuel López Obrador, on several occasions has sent praise to the 38 million Mexicans in the United States. He even called them “heroes”.
According to a report by the Center for Latin American Monetary Studies, Cemla, some 4.9 million Mexican households and some 11.1 million adults receive remittances from their relatives abroad.
Most of the money comes from Mexican migrants in the United States and represents Mexico’s second-largest source of foreign exchange, after auto exports, and even more revenue than Mexico’s agricultural sector, which contributes 3% of gross domestic product.
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