Mexico’s remittance surges: Banxico reports $4.348 billion in February 2023, an 11.2% increase

Mexico registered a new record in the receipt of remittances during February with an increase of 11.2% at annual rate; remittances sent mainly by Mexicans working in the U.S. totaled $4.348 billion dollars.

The Bank of Mexico, Banxico, reported that income from remittances from abroad, mainly from workers in the U.S., amounted to $4.348 billion in February 2023, which implied an annual increase of 11.2% and 34 months of uninterrupted growth.

Remittances sent by Mexican residents abroad showed an annual increase of 14.1%, reaching $111 million.

“With these results, the surplus of Mexico’s remittance account with the rest of the world stood at $4,238 million, higher than the $3,814 million presented in February 2022,” Banxico said.

The monthly report indicates that with a seasonally adjusted series, in the second month of 2023, remittance inflows and outflows showed monthly increases of 0.7% and 13.8%, respectively. Thus, in February of 2023, the surplus of the remittance account stood at $5.109 billion, higher than the $5.087 billion reported in January.

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Similarly, the Mexican central bank points out that the accumulated figures for the January-February 2023 period, the first two months of the year, the value of remittance income was $8,755 million, higher than the $7,829 million observed in the same period of 2022, meant an annual expansion of 11.8%.

During the first two months of 2023, 99.0% of total remittance inflows were made through wire transfers, totaling $8.668 billion. Remittances in cash, in-kind, and money orders represented 0.7% and 0.3% of the total amount, registering levels of US$60 million and US$26 million, respectively.

In the last twelve months, from March 2022 to February 2023, the cumulative flow of remittance inflows reached US$59.435 billion, higher than the previous January’s US$58.998 billion (February 2022 – January 2023).