Remittance earnings to Mexico reach new all-time highor adding five $1,297 million in July, which means 16.5 percent annual growthaccording to the Bank of Mexico.
This income benefited Mexican families with $406 average registered as a shipment, which was two dollars less than the average of $408 reported last June.
Remittances entered the country through 13.0 million transactions, which meant an annual growth of 2.1 percent, while the average volume of remittances increased by 4.0 percent annually.
Banco de México also reported that from January to July this year, the accumulated amount of remittances from abroad amounted to 32 thousand 812 million dollarswhich is higher than the $28,192 million registered in the same period in 2021, implying an annual growth of 16.4 percent.
Between January and July 2022, 99.0 percent of the total remittances were made through electronic transfers, reaching the level 32 thousand 482 million dollars.
For their part, cash and in-kind remittances and remittances accounted for 0.7 and 0.3 percent of the total, respectively, at $229 million and $101 million in the same order.
Meanwhile, over the past twelve months (August 2021 – July 2022), the cumulative remittance income flow was $56,206 million, up from the previous June’s cumulative twelve-month period of $55,454 million. dollars (July 2021 – June 2022).
From Mexico to overseas
In July 2022, money transfers sent abroad by Mexican residents were linked to $90 millionwhich arose from 191,000 transactions, with an average shipment of $473.
Thus, the outflow of remittances showed annual fall of 5.3 percentresulting from an increase in the number of transfers by 10.9% and a decrease by 14.6% in the amount of the average money transfer.
January-July 2022 the outflow of remittances amounted to 644 million dollarswhich exceeds the $570 million registered in the same period of 2021, representing an annual increase of 12.9 percent.
The cumulative flow of remittances sent abroad by residents of Mexico over the past twelve months (August 2021 – July 2022) amounted to $1,131 million, which is similar to the accumulated flow for the twelve months of last June of $1,136 million ( July). 2021 – June 2022).
As a result of the above, in the reporting month, the positive balance of the remittances account of Mexico with the rest of the world amounted to $5,207 million, which is more than four thousand 450 million dollars observed in July 2021.
Between January and July 2022, the remittance account balance was $32,169 million, which is more than the $27,622 million presented for the same period in 2021.
Over the past twelve months (August 2021 – July 2022), the accumulated balance of remittances amounted to $55,075 million, which is higher than in June of the previous year. 54 thousand 319 million dollars (July 2021 – June 2022).
In the seventh month of 2022, seasonally adjusted revenues from remittances showed a monthly increase of 4.4 percent, while expenses showed a monthly decrease of 0.7 percent.
Thus, in July 2022, the surplus in the remittances account amounted to $4.972 million, which is higher than the $4.756 million that occurred in June 2022.
Source: Heraldo De Mexico
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