In the cumulative period from January to July, remittances amounted to 36.94 billion dollars, a growth of 3% compared to the same period last year.
Average remittances through July were $395 per transaction.
Remittances are unilateral transfers sent by migrants or people of Mexican descent to their relatives or acquaintances in their communities of origin in Mexico.
Nearly 96% of remittances to Mexico originate in the United States and are mainly made through transfers. Mexico is the second largest recipient of remittances worldwide.
Remittances represent an important source of income for the country and BBVA Research estimates that in 2024 they will reach 66.5 billion dollars, representing 3.7% of GDP.
The study highlights that 6.1 million people depend directly on these resources in the country.
