Mexico | Remittances accumulate 10 years of increase and break record: 63.3bn in 2023

In December 2023, 5,490 million dollars in remittances entered Mexico, which represented an increase of 2.1% compared to December 2022. With this data, the total income from remittances in the country during 2023 was 63,313 million dollars, that is, + 7.6% compared to the amount received of 58,868 million dollars in 2022.

Key points

• Key points:
• Remittances to Mexico grew 7.6% in 2023, reaching 63,313 million dollars (md) and achieving a streak of 10 consecutive years of growth, which began in 2014.
• By mean of transfer, 99.0% of the remittances that arrived in Mexico in 2023 were by electronic transfers, 0.8% by cash or in kind and 0.2% through Money Orders.
• Guanajuato is positioned in 2023 as the state that receives the most remittances in Mexico (5,414 million dollars), managing to overtake Michoacán (5,409 million dollars) and Jalisco (5,355 million dollars).
• 96% of remittances to Mexico come from the United States, the majority from California and Texas. Other countries of origin, with less importance, were: Canada (1.5%), Ecuador (0.3%), Guatemala (0.1%) and Colombia (0.1%).
• With information from the Bank of Mexico, the significant flow of remittances from Minnesota is explained because some remittance companies did not have the information on the state of origin in the United States, and instead indicated the state where the data servers were located. Thus, unfounded suspicions about the flow of remittances from that state are dispelled.

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