Remittances from Mexicans sent to their country break another record in July at $5,297 million dollars

The Bank of Mexico (Banxico) reported that in July 2022, income from remittances from abroad reached a level of $5,297 million dollarswhich meant an annual increase of 16.5%.

On the other hand, remittances sent by residents of Mexico abroad stood at $90 million dollars, which represented an annual contraction of 5.3%.

With these results, Banxico indicates that in July 2022 the surplus of the remittance account of Mexico with the rest of the world was $5,207 million dollarshigher than the 4,450 million dollars observed in the same month of 2021.

In the seventh month of 2022, income from remittances arriving in Mexico advanced at a monthly rate of 4.4%, while expenditures decreased at a monthly rate of 0.7%. In this way, in July 2022 the surplus of the remittance account was $4,972 million dollars, higher than the $4,756 million dollars that occurred last June.

Banxico reported the accumulated figures from January to July 2022

The Mexican central bank indicated that the accumulated amount of income from remittances in the period January – July 2022 amounted to $32,812 million dollarshigher than the $28,192 million dollars reported in the same period of 2021 and which implied an annual expansion of 16.4%.

In the period January – July 2022, 99% of the total income from remittances was made through electronic transfersstanding at $32,482 million dollars.

For their part, remittances made in cash and kind and money orders represented 0.7 and 0.3% of the total amount, respectively, standing at 229 and 101 million dollars, in the same order.

Cumulative figures for the last twelve months

Banxico indicates that the accumulated flow of income from remittances in the last twelve months (August 2021 – July 2022) registered a level of $56,206 million dollarshigher than the twelve-month accumulated flow reported last June of $55,454 million dollars (July 2021 – June 2022).

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