Mexico | Remittances total 5 falls in 2024, contract 1.6% in October

Summary

The information is as of the close of October 31, 2024, before the presidential elections in the United States were held and President Trump's victory was announced. Therefore, there is no possible "Trump" effect in this data.

Key points

• Key points:
• Remittances to Mexico reported a 1.6% drop at an annual rate, reaching 5,723 million dollars in October 2024 compared to 5,818 million dollars in the same month of the previous year.
• Throughout 2024, remittances have already accumulated 5 months with falls: in March (-3.4%), May (-1.0%), July (-1.3%), September (-4.6%) and October (-1.6%).
• Since November 2023, 12 months ago, remittances were already showing a deceleration trend, probably linked to structural factors in the employment of Mexican migrants in the U.S.
• In 11 states of the country, remittances are equivalent to more than 50% of total gross state income. The most notable are Michoacán (96.7%), Guanajuato (80.6%) and Zacatecas (76.6%).

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