Mexicans in the US sent 12.5% ​​more remittances in January 2023 than in the same month of 2022, reaching $4.406 billion

Learn about the 12.5% annual growth in Mexican remittances in January 2023, fueled by migrant workers in the US. Discover the $4.406 billion influx and $57.850 billion surplus in the remittance account.

The Bank of Mexico (Banxico) announced that remittances received in January 2023 reached a level of $4,406 million dollars, which meant an annual expansion of 12.5%.

The remittance income that the country receives from abroad comes mainly from migrant workers in the United States, who send money to their families every month to support them economically.

Banxico points out that in the first month of 2023, remittance inflows declined at a monthly rate of 1.5%, while remittance outflows advanced at a monthly rate of 5.8%. Thus, in January 2023, the remittance account surplus was $5.093 billion, compared to $5.177 billion in December 2022.

Related: Remittances from Mexicans in the US reached $4,681 million in March 2022, an annual increase of 12.6%

In January 2023, remittance inflows from abroad amounted to US$4.406 billion, derived from 11.8 million transactions, with an average remittance of US$374. Thus, in January 2023, remittance income presented an annual increase of 12.5% due to increases of 11.1% in the number of remittances and 1.3% in the average remittance amount.

Remittances sent abroad by Mexican residents amounted to US$98 million, which implied an annual growth of 20.8%. With these results, the surplus of Mexico’s remittance account with the rest of the world was $4,309 million, higher than the $3,837 million dollars reported in the same month of 2022.

Regarding remittances in the last twelve months (February 2022 – January 2023), Banxico pointed out that the accumulated flow of remittance income totaled $58.998 billion, higher than the accumulated flow for twelve months recorded last December of $58.510 billion (January 2022 – December 2022).

Also read: Mexicans in the US sent $5 billion to their families in August 2022

In the last twelve months (February 2022 – January 2023), the cumulative flow of remittances sent from Mexico abroad stood at $1.148 billion, higher than the twelve-month cumulative flow observed in the previous December of $1.131 billion (January 2022 – December 2022).

Thus, the surplus of the remittances account for the last twelve months (February 2022 – January 2023) reached US$57.850 billion, higher than the twelve-month accumulated surplus of US$57.379 billion (January 2022 – December 2022).

Here are the table-view stats issued by Banxico:

MonthIncoming Remittances ($ millions)Outgoing Remittances ($ millions)Remittances Balance ($ millions)
Jan 20234,406984,309
Feb-Jan 202358,9981,14857,850
MonthIncoming RemittancesOutgoing RemittancesRemittances Balance
Jan 2023 (seasonally adjusted)5,188955,093
Dec 2022 (seasonally adjusted)5,267905,177
Note: The above tables summarize the information from the text regarding remittances in January 2023 and the cumulative total for the last 12 months (February 2022 – January 2023)