Remittances from Mexico rise 27.1%

The accumulated value of income from remittances from Mexico stood at 51,594 million dollars in 2021, which represented an annual growth of 27.1%, reported the Bank of Mexico (Banxico).

At the end of the year, income from remittances from abroad in December 2021 amounted to 4,760 million dollars, which originated from 12.5 million transactions, with an average remittance of 381 dollars.

Remittances

Thus, last December income from remittances increased at an annual rate of 30.4%, derived from increases of 16.1% in the number of remittances and 12.4% in the value of the average remittance.

Banxico added that 98.9% of the total income from remittances in 2021 as a whole was made through electronic transfers, adding up to 51,045 million dollars.

For their part, remittances made in cash and kind and money orders represented 0.7 and 0.4%, respectively, of the total amount, presenting levels of 333 and 216 million dollars, in the same order.

Outflows

Remittances sent abroad by residents of Mexico in December 2021 were 114 million dollars, which were derived from 200,000 operations, with an average remittance of 571 dollars.

Thus, outflows from remittances exhibited an annual increase of 1.8%, which was the net result of a 4.7% drop in the number of transfers and a 6.9% rise in the amount of the average remittance.

The accumulated value in 2021 of remittance outflows was 1,057 million dollars, a figure higher than the 899 million dollars that occurred in 2020, which meant an annual expansion of 17.6%, and the accumulated flow to twelve months of November previous of 1,055 million dollars (December 2020 – November 2021).

With seasonally adjusted data, in December 2021 income from remittances decreased at a monthly rate of 1.9%, while outgoings from remittances did so by 2.3 percent.

Consequently, the surplus of the remittance account in the last month of 2021 stood at 4.6 billion dollars, which compares with the surplus of 4.687 million dollars registered in November 2021.