The economy mexican received 53,138.63 million dollars of their compatriots abroad between January and November 2022, an increase of 13.46% compared to the almost 46,833.59 million dollars in the same period of 2021, as revealed on Monday by the Bank of Mexico (Banxico).
With this result, the remittances of Mexicans to their country of origin add up to 31 months with sustained year-on-year increases.
Furthermore, in the first 11 months of last year, the consignment individual average was 390 dollars, higher by 3.27% than the average of 378 dollars in the same period of 2021.
The total number of operations rose from 124.02 million to 136.27 million in that period, and the majority were electronic transfers.
Only in November, the amount of the remittances It was 4,801.05 million dollars, 3% more than the amount of 4,661.6 million dollars in that same month of 2021.
In contrast, the amount received last November decreased by 10.4% compared to the 5,359.8 million dollars of the previous month.
The substantial increase in remittances It continues with the upward trend marked since May 2020, while, in March of that same year, at the beginning of the pandemic, the figure of 4,000 million dollars received from abroad was exceeded for the first time.
The importance of Mexican remittances
Mexico added a total of 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 it reached 40.605 million dollars for this concept.
In the midst of the pandemic, the volume of remittances in 2020 represented an increase of 11.4% compared to the 36,438 million dollars of 2019, which helped to alleviate the negative effects on the Mexican economy.
The president of Mexico, Andrés Manuel López Obrador, has thanked the 38 million Mexicans in the United States on several occasions and has even described them as “heroes.”
Nearly 4.9 million Mexican households and some 11.1 million adults receive remittances from their relatives abroad, according to figures from the Center for Latin American Monetary Studies (Cemla).
This money, which comes mainly from Mexican migrants in the United States, represents the second source of foreign currency in Mexicoafter automotive exports, and represents more income than the Mexican agricultural sector, which contributes 3% of the gross domestic product (GDP).
In this sense, the Government of Mexico trusts that remittances will help lift the country’s economy, which registered a contraction of 8.2% in 2020 and recovered just 4.8% in 2021.
In 1995, the first year of the one that offers results, the Bank of Mexicoremittances were 3,672 million dollars.
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