Mexico received a record $13.9 billion US dollars in remittances during the first quarter of 2023

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Mexico City, Mexico – During the first quarter of 2023, Mexico received a record $13.9 billion US dollars in remittances, which represents a year-on-year increase of 11.4 percent, according to the Bank of Mexico (Banxico).

With this, Mexico surpassed by almost 1.5 billion dollars the 12.5 billion dollars received in the first three months of 2022, when a historical figure was also reported for a similar period.

The average individual remittance between January and March was 382 dollars, 0.51% higher than the 380 dollars in the same period of 2022.

The number of operations in this same period rose 10.83 percent year-on-year, going from 32.98 million to a total of 36.55 million, 99 percent of them electronic transfers.

In March alone, Mexico received 5,194,000 dollars in remittances, a monthly advance of 19.46 percent compared to the 4,348,000 dollars received in February.

The increase in remittances in 2023 continues with the upward trend market since March 2020, at the beginning of the COVID-19 pandemic, with 35 months of consecutive year-on-year increases, which is why they represent the main source of external income for the country.

In 2022, Mexico received a record of 58.497 billion dollars, which implied an increase of 13.4 percent compared to 2021 and the ninth consecutive annual increase.

On the other hand, Banxico reported that remittances worth 322 million dollars were sent abroad from Mexico during the first quarter of 2023, an annual increase of 18.7 percent.

Source: BANXICO.ORG

The Mexico City Post