Remittances to Mexico totaled $27.56 billion USD in the first half of 2022, representing a 16.6% increase over the $23.65 billion sent during the same period of 2021, according to figures released Monday by Banxico. This figure represents a new record for the January to June period.
In June alone, remittances totaled $5.15 billion – a 15.6% annual increase – and were received by some 4.9 million Mexican households. It was the second consecutive month that Mexicans working abroad sent over $5 billion home.
Over the last 12 months (from July 2021 to June 2022) remittances reached another historical record, with just over $55.5 billion sent home by Mexican nationals working in the United States.
This figure represents just over 4.2% of Mexico’s gross domestic product, according to the chief Latin America economist at Goldman Sachs, Alberto Ramos, who said that it is almost double the revenue brought in from crude oil exports, which totaled $30.2 billion over the last 12 months.
According to a report by the Banorte financial institution, the annual growth “is even more notable when considering some tentative signals of a slowdown” in the United States.
If remittances remain at the level registered in the first six months of this year, 2022 will be the best year ever for incoming monetary transfers. A new calendar year record was set last year, when over $50 billion in remittances were sent to Mexico. Banorte is forecasting remittances will total $56.5 billion in 2022.