Overview of Mexican Remittance Trends
According to the Bank of Mexico (Banxico), Mexican households received a total of $5,214 million in remittances during September. This amount marks five consecutive months of monthly income exceeding $5,000 million.
Monthly Inflow vs. Annual Comparison
Despite the significant monthly inflow, a comparison with the same period last year reveals a 2.7% decline in remittances received by the 4.1 million families. This annual trend has shown a sixth consecutive month of decrease compared to the remittance dynamics observed in the previous year.
Expert Analysis by Gabriel Casillas
Gabriel Casillas, Chief Economist for Latin America at Barclays, explains that while remittances continue to enter Mexico, the dynamism of the flows has decreased compared to historical records from the previous year.
“This can be attributed to the reduction in the population of migrants in transit. As migration policies have tightened in both the United States and Mexico, migrants attempting to cross into the U.S. have returned to their homes in Central America, the Caribbean, and South America,” Casillas said.
Transaction Details
Banxico’s data indicates that remittances entered through 13.1 million transactions, a slight decrease from the 13.8 million transactions observed in the same month last year.
Key Questions and Answers
- What is the total amount of remittances received by Mexican households in September? Mexican households received $5,214 million in remittances during September.
- How many months have Mexican households experienced consecutive monthly income above $5,000 million? This trend has lasted for five consecutive months.
- What factors have contributed to the decrease in remittances? The reduction in migrants in transit, due to stricter migration policies in the U.S. and Mexico, has led to migrants returning to their home countries in Central America, the Caribbean, and South America.
- How many transactions were there for remittances in September compared to the same month last year? There were 13.1 million transactions in September, a slight decrease from the 13.8 million transactions observed in the same month last year.
