Mexico experienced a surge in remittances in 2023, setting a new record with a total of $63 billion received, marking a notable 7.6% increase from the previous year, as reported by Banxico, Mexico’s central bank.
Guanajuato emerged as the top recipient state, receiving $5.4 billion in remittances, surpassing Michoacán and Jalisco. Remittances, which are funds sent from abroad by immigrant workers to family or friends back home, play a crucial role in supporting households across Mexico.
The United States remains the primary source of remittances for Mexico, contributing over 96% of the total amount in 2023. California and Texas stand out as the leading states sending remittances to Mexico.
Remittances are now Mexico’s largest source of foreign income, surpassing tourism, oil exports, and most manufactured goods. Only India receives more remittances from the United States than Mexico. Indian migrants sent home about $125 billion in 2023.
Despite the challenges posed by the global economic landscape, the average amount of each remittance sent to Mexico in 2023 increased slightly to $393, up from $391 in 2022. This trend underscores the enduring importance of remittances in supporting the economic well-being of millions of Mexican households.