Mexico | Remittances: new all-time high for the fifth time this year, $4,819md in October

Remittances to Mexico have increased 25.6% so far this year. However, this growth is common in the region, the World Bank estimates that remittances to Latin America and the Caribbean will increase 21.6% during 2021.

Key points

• Key points:
• In the month of October, Mexico received 4.819 million USD (md) for remittances, +33.8% compared to the same month of the previous year.
• During the first 10 months of the year, remittances have accumulated an amount of $42,168m, which represents an increase of 25.6% compared to the same period of the previous year.
• However, this increase is not unique to Mexico. According to the World Bank, it is estimated that remittances to Latin America and the Caribbean will increase 21.6% during 2021.
• Thus, the increase in remittances to Mexico in 2021 is explained by a common explanation to many countries in the region: a significant flow of migrants to the United States, which has had greater dynamism and one of the fastest recoveries among the developed countries receiving the migrant population.
• Mexico ranks third in the world in receiving remittances, and if this trend continues it could surpass China in the coming years and reach second place.

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