Mexico | Remittances reach a new record, reaching 5,812 million dollars in October

Summary

Remittances to Mexico increased by 8.4% in the month of October 2023, reaching 5,812 million dollars (md) and marking a record in the receipt of these resources. Thus, they have had a streak of 42 consecutive months with growth, starting in May 2020.

Key points

• Key points:
• Remittances to Mexico increased by 8.4% in the month of October 2023, reaching 5,812 million dollars (md) and marking a record in the receipt of these resources. Thus, they have had a streak of 42 consecutive months with growth, starting in May 2020.
• From January to October 2023, the flow of remittances to the country has accumulated 52,888 million dollars, which represents an increase of 9.4% compared to the same period of the previous year.
• It is estimated that remittances to Latin America and the Caribbean could grow 7.0% in 2023 and reach 152.2 billion dollars, driven by increases from Mexico, Guatemala, Colombia, and Honduras. This increase is more than double what the World Bank estimated mid-year.
• BBVA Research presents the following estimates for the flow of remittances for the end of 2023: Mexico (63.8 bn, +9.0%), Guatemala (20 bn, +10.9%), Dominican Republic (10.1 bn, +2.5%), Colombia (10.1 bn, +7.1 %), Honduras (9.3 bn, +7.1%) and El Salvador (8.15 bn, +4.2%).

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