Mexico | Remittances achieve a record, and decreased people in poverty by 836,000

Summary

Remittances reach a record, 4,540 million USD during July (+28.6%). If remittance income is omitted, the volume of the population in Mexico living in poverty in 2020 would have increased by 836,000 people, and those living in extreme poverty would increase by 351,000 people.

Key points

• Key points:
• Remittances reached a new historical maximum, accounting for 4,540 million USD during the month of July, which represented an increase of 28.6% at the annual rate.
• From January to July 2021, remittances grew 23.5% at an annual rate, however, due to the appreciation of the Mexican peso against the USD, in real terms they increased only 8.1%.
• If remittance income is omitted, the volume of the population in Mexico living in poverty in 2020 would have increased by 836,000 people, and those living in extreme poverty would increase by 351,000 people.
• The states where the population living in poverty would grow the most, if remittances had not been received, would be: Michoacán (+119,000 people), Guanajuato (+112,000), Guerrero (+55,000), Zacatecas (+53,000) and Oaxaca (+49,000).
• If they do not receive the remittance flows, the states that would increase their population living in extreme poverty the most would be: Oaxaca (+48,000), Guerrero (+44,000), Michoacán (+41,000), Chiapas (+40,000) and Guanajuato (+40,000).

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