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Money sent from abroad to Mexico are unstoppable

Written by Parriva — February 2, 2024
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In 2023, money sent to Mexico from other countries, mainly from the United States, reached 63,312 million dollars, an increase of 7.6% compared to 2022, when 58.2 million dollars came in for this concept. In December alone, the shipment of dollars was 5,490 million dollars, an annual increase of 2.1% and with a slight recovery compared to the month of November, when it fell below 5,000 million dollars.

The result confirms what President Andrés Manuel López Obrador said in October, when he estimated that remittances would reach 63,000 million dollars, but below the calculations of the Inter-American Development Bank (IDB), which forecast a cumulative total of 64,247 millions.

Although this is a record figure, the advance in 2023 was less than that recorded a year before, with an accumulated annual increase of 12%, but the highest figure recorded for the month of December. 99% of remittances entered the country through electronic transfers, with a total of 62.6 million dollars. They are followed by cash deposits and money orders with 0.8 and 0.2%, respectively.

On the other hand, remittances sent by residents of Mexico abroad registered an annual increase of 12.4%, reaching a level of 98 million dollars. “In this way, the surplus of Mexico’s remittance account with the rest of the world was 5,391 million dollars, which compares with that of 5,292 million dollars in December 2022,” indicated the Bank of Mexico.

Cash sent through GoFundMe disproportionately benefits the wealthy rather than those who most need help

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