Mexico City.- Although last July, the value of remittances fell 0.97 percent compared to the same month in 2024, from January to July, an increase of 2.88 percent to 36.94 billion dollars was reported, according to information from the Bank of Mexico (Banxico).
Despite the moderation in the dynamics of money transfers (the annual rate was 23.87 percent in 2021, 13.77 percent in 2022 and 8.83 percent in 2023), the amount recorded in the first seven months of 2024 reached a level never before seen in a comparable period.
Seasonally adjusted, remittances reached a new record and totaled 37.476 billion dollars in January-July, which implied a positive variation of 2.29 percent annually. Both the number of operations and the size of the remittance reached historical highs from January to July of 93.61 million and 394 dollars.
The central bank’s figures show that the number of remittance transactions grew 1.94 percent annually from January to July 2024, compared to 8.21 percent in the same period of the previous year.
However, the annual decline in July, in the first seven months, marked a record, after an increase of 1.03 percent at an annual rate. In July alone, remittances fell 0.97 percent annually to $5.614 billion (with seasonal adjustment, the drop was 11.89 percent monthly), below the $5.993 billion projected by the Bloomberg consensus. Remittance operations rose 0.79 percent annually in July to $13.96 million and remittances fell 1.71 percent to $402, after a historic high of $419 in June.
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