BBVA Research

Remittances to Mexico began 2026 with decline. In January, they totaled 4,594 million dollars, representing a 1.4% year-on-year decrease. Although the average amount per transfer increased to $401 (+3.9%), the number of transactions fell to 11.5 million, a 5.2% year-on-year decrease.

The balance on non-oil merchandise showed a surplus of USD 10,411 million in 4Q25 after having posted a surplus of USD 2,289 million in the third quarter.

Argentina's real estate market recovered in 2025, driven by mortgage credit and wage growth. Construction remained sluggish. The 2026 outlook offers regional opportunities requiring strategic caution.

At the end of 2025, the decree enacting the new General Water Law and amending the 1992 National Waters Law was published. These changes stem from campaign commitments made by President Claudia Sheinbaum and from the National Water Plan presented in November 2024. The key points are analyzed below.

Las medidas geoeconómicas de EEUU como barreras comerciales, sanciones y tarifas, junto con los importantes acontecimientos geopolíticos que se han producido a lo largo del año 2025, han provocado un fuerte aumento de la incertidumbre en materia de política económica y de las medidas de aversión al riesgo a nivel mundial

Despite rising protectionism, global trade remains resilient, more consistent with a reallocation of trade flows than with a deglobalization scenario. International commerce has been supported by the ongoing AI boom, robust demand, and a weaker US dollar (which generally supports global trade).