Remittances sent by Mexican migrants from the US to their families in Mexico rose to more than 58 billion dollars in 2022, according to reports from the Bank of Mexico cited by Associated Press.
This is a record figure and a growth of more than 27% compared to 2021 that could be related, as they explained, to the drop in economic growth in the US.
Remittances are now the first source of foreign exchange income for Mexico, above tourism, oil exports and other manufactured products.
These remittances represent 3.8% of Mexican GDP.
It was also learned that, in the last ten years, the percentage of Mexican households that received remittances grew to 5.1%, from 3.6%.
“By 2023, it is estimated that remittances will continue to increase, but at a more moderate pace, due to a possible scenario in which the world economy could slow down its growth,” said the Mexican banking authority.
Mexico is the second largest recipient of remittances in the world, behind India, which receives some 100 billion dollars annually.
In the past, the president of Mexico himself, Andrés Manuel López Obrador, has thanked the 38 million people of Mexican origin who live in the US and has described them as “heroes.”
