“The majority of Mexican workers working in the United States are concentrated in two sectors: construction and services. The construction sector is already in recession,” explained Víctor Ceja, chief economist at Valmex.
In 2022, Mexico registered a record arrival of remittances of 58,497.4 million dollars, mainly from the United States. The arrival of remittances had a growth of 13.4% compared to 2021.
The expectation for remittances in 2023 is that they will slow down due to less dynamism in the US economy that will deteriorate the labor market. In addition, a strong exchange rate against the dollar will represent a few pesos less for Mexicans who receive money from abroad.
The states that receive the most remittances
Data from BBVA Research shows that the three states from which the most remittances are sent are California, with 18.432 million dollars; Texas, with 8.419 million, and Minnesota, with 4.708 million.
“The first two are the main states of residence for the Mexican migrant population in that country, while the latter may be a hub that provides services for sending remittances,” BBVA points out.
In Mexico, a large part of the remittances arrive at states located in the central and southeastern regions of the country.
Jalisco, Michoacán and Guanajuato continue to lead the list of entities that receive the most remittances, with more than 5,000 million dollars.
