Remarkable 5,693 Million Dollars in Remittances to Mexico is a New All-Time High

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Remittances to Mexico rebounded strongly in May by recording an annual growth of 10.7 percent, from 6.3 percent in April, and reaching a record high of 5,693 million dollars, according to the Bank of Mexico (Banxico). .

The previous record had been registered in October 2022, when in that month remittances reached 5,361 million dollars. Records of remittances start from 1995. From January to May, remittances amount to 24 thousand 667 million dollars, an increase of 10.3 percent compared to the same period, but last year.

Banxico explained that 98.9 percent of the total income from remittances was made through electronic transfers, reaching 24 thousand 397 million dollars, while remittances made in cash and kind and money orders represented 0.9 and 0.2 percent. of the total amount, respectively, being located at 209 and 60 million dollars.
The average amount of remittances was 391 dollars in May, from 379 in the same month of the previous year and nine dollars more, compared to the data for April. From January to May, the average remittance amount is $383.6, up from $381.4 in the same period of 2022.