Publications

In the last 5 years, the effect of “Mother's Day” drove the arrival of 6.5% more remittances in the month of May, compared to the trend marked by the adjacent months of April and June. In 2024, this translates into an amount close to 364 million more dollars in remittances.

Remittances to Mexico increased by 8.4% in the month of October 2023, reaching 5,812 million dollars (md) and marking a record in the receipt of these resources. Thus, they have had a streak of 42 consecutive months with growth, starting in May 2020.

Banco del Bienestar leaves the remittance market. The gradual loss in its market share could partly explain this decision: in 2018 it was 4.1%, and in 2022 it was 2.4%. Households in rural and semi-rural areas may be the most affected, since they will spend more on transfers to collect them in other municipalities.

The Latin American economy faces crosswinds in a scenario of disequilibrium, in line with international dynamics, where the main economic variables are still adjusting after the disruptive events of the most recent years.

Remittances have accumulated a 30-month consecutive upward streak, since May 2020. Despite their dynamism, the inflation in basic basket products (+8.4% in October 2022) and the strength of the Mexican Peso against the US dollar have stagnated the growth of remittances in real terms.

So far in 2022, remittances to Mexico show a lower performance in relative terms compared to other countries in the Latin American and Caribbean region such as Guatemala (+20.8%), Honduras (+20.6%), Nicaragua (+ 38.4%) and Brazil (+25.4%).

In November, remittances to Mexico grew 37.7%. In 2021, the Mexican migrants in the United States grew to 11.9 million, 1 in 5 are employed in the construction sector. Several countries in Latin America and the Caribbean have also reported significant increases in their income from remittances.

Remittances to Mexico have increased 25.6% so far this year. However, this growth is common in the region, the World Bank estimates that remittances to Latin America and the Caribbean will increase 21.6% during 2021.