Remittances to Mexico totaled 3.9 billion USD in January, representing a 19.6% year-on-year surge. This follows December’s 30.2% year-on-year increase and was likely aided by a strong U.S. labor market.
BBVA .- There were 10,589 remittances sent in January with an average value of $371 USD. That was 10.4% more payments than in January last year and the average payment was 8.3% higher.
However, the total received for the first month of 2022 was still down from the previous month: 17.2% less than in December 2021, when $4.75 billion was received. January also ended a run of eight consecutive months with payments over $4 billion.
On a cumulative basis up to January, remittances amounted to USD 52.2 billion, above the USD 51.6 billion recorded in December. January’s 12-month moving average signaled a 26.6% increase from a year earlier (December: +27.0% year-on-year).
2021 was a record breaking year for remittances to Mexico, which were $10 billion higher than in 2020. Analysts project remittances to rise to USD 50.7 billion in 2022. For 2023, the panel sees remittances at USD 48.9 billion.
Remittances are Mexico’s second largest source of foreign currency after automotive exports.
President López Obrador has thanked the 38 million Mexicans in the United States for their contribution to the Mexican economy on various occasions. He has described those migrants as heroes and estimated that their payments benefit around 10 million families.
The Yucatan Times
Newsroom
Comments
more recommended stories
Two women arrested in Arizona in possession of 500 thousand fentanyl pillsTwo women were arrested after about.
Seven migrants dead and 25 injured in a bus accidentAuthorities in northern Mexico said Wednesday.
Solar Panel business in the US is suddenly in crisisAn ongoing Department of Commerce investigation.
Ray Liotta, ‘Goodfellas’ star and gifted character actor, dies at 67Ray Liotta, the actor best known.
Merida City Council presented the 2022 Forestry Crusade “In Harmony with Nature”With the aim of continuing to.
Huge Flamboyán tree falls on top of a car in Ucú, YucatánA mother who went to pick.
Photographic essay: Colombia elections, a reality not too far away from Mexico’sColombia will host Presidential elections this.
Mérida and San Francisco outline projects to multiply the areas of opportunity“As a Municipality, we work in.
On the issue of the Cuban doctors in Mexico, AMLO literally said: “Conservatives go to hell!”Andrés Manuel López Obrador, president of.
Yucatan and Campeche, the states with the highest honey production in MexicoWithin the framework of World Bee.
Leave a Comment