Remittances to Mexico Top $13.9 Billion in First Trimester

Photo: BBVA


The flow of economic remittances into Mexico by migrants working abroad grew by 18.47 percent annually compared to the same period last year, to a total of $13.911 billion, during the first quarter of 2022, the Central Bank of Mexico (Banxico) said Monday, May 2.

This figure represents the highest increase during a similar period in 16 years, Banxico said.

Banxico also said that there has been a rise of 10.61 percent per annum in the number of operations (to 35.70 million, a record level), along with an increase of 7.11 percent in the average amount of each remittance.

In March, however, Mexico received $4.574 million in family remittances, 2.09 percent less than in the immediately previous month.

The decrease in the value of remittances reported in March was mainly the result of a setback of 2.56 percent in the number of operations, which coincided with a slower pace of growth in the value of money transfers, Banxico said.

The average amount of remittances was $393 during March, only 0.48 percent more than in the previous month, when the increase was 1.70 percent.


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