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Mexico | Remittances Set Historic Record for Third Consecutive Year with US$33,481 million


Of the remittances received by Mexico in 2018, 94.1% came from the U.S., 97.7% were sent by electronic means and 71.7% were disbursed in non-banking institutions. 7 states accounted for half of the remittances that arrived in the country: Michoacán (US$3,393 millon), Jalisco (3,288), Guanajuato (3,046), Mexico (1,903), Oaxaca (1,731), Puebla (1,699) and Guerrero (1,615).



In 2018 US$33,481 million in remittances entered Mexico, 10.5% more than the previous year, reaching a new historical record. To reach this amount about 104 million transactions were recorded, with an average remittance of US$321.4

The municipality that received the most remittances was Tijuana, in Baja California, with US$450 million, followed by Puebla, Pue. (US$435 million), Morelia, Mich. (US$426 million) and Guadalajara, Jal. (US$421 million)

In 2018 US$1 billion in remittances left Mexico, 43.8% for the United States (US$438 million). Next in importance: Colombia (US$155 million), China (US$72 million), Peru (US$28 million), Guatemala (US$21 million) and Honduras (US$20 million)

In BBVA we estimate that remittances in 2019 could have a growth of 6.9% and reach US$35,790 million

The outward remittances to Mexico could be affected if President Trump’s administration applies more severe anti-immigrant measures or directly taxes the flow of this resource. However, what could have important impacts on future outward remittances to Mexico would be a decrease in economic activity in the United States

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