Mexico | In 2020, Remittances grew 11.4%, despite the global crisis due to the pandemic

Summary

In 2020, 40,607 million dollars arrived in remittances to Mexico. This amount is equivalent to more than 875 billion pesos, which exceeds the federal budget of Mexico approved for 2021 to the Secretariats of Public Education, Health, Labor, Welfare and Culture as a whole.

Key points

• Key points:
• In 2020, 40.607 million US dollars entered Mexico in remittances (md), which is equivalent to an annual growth of 11.4%. Remittances accumulated 5 consecutive years, breaking records. In real terms, converting by the exchange rate and discounting the inflationary factor, remittances increased 20.6%.
• The amount of remittances in 2020 is equivalent to more than 875 billion pesos, which exceeds the federal budget of Mexico approved for 2021 to the Secretariats of Public Education, Health, Labor, Welfare and Culture as a whole.
• Only 0.7% of remittances to Mexico arrive in cash or kind, 77.1% are collected in non-banking institutions and 98.5% come from the United States. The main states of origin of remittances are California, Texas, Minnesota and Arizona.
• Jalisco (4,153md) displaced Michoacán (4,056md) as the main recipient of remittances in Mexico, which had held the first place for more than 15 years at least.
• Remittance shipments from Mexico decreased 8.4%. The United States is the main destination country for remittances sent from Mexico, with an amount of 410.8 million dollars in 2020. It is followed in order of importance by Colombia, with 119.8 million dollars, and China with 57.8 million dollars.

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