Only in March, remittances sent to the country totaled 5,193.8 million dollars, a growth of 10.7% compared to March 2022.
In March, the arrival of remittances returned to levels above 5,000 million dollars after levels in January and February were above 4,000 million dollars.
Jalisco, Michoacán and Guanajuato are the three entities that lead the arrival of remittances in the country.
The importance of remittances
A BBVA analysis highlights that the arrival of remittances is one of the main sources of foreign currency income in the country, exceeding the flows of Foreign Direct Investment (FDI), the sale of oil and international tourism.
“These resources are sent mainly by Mexican migrants and descendants of Mexicans residing in the United States in order to financially support their relatives and acquaintances in Mexico,” the report highlights.
The institution adds that, with data from 2019, the main uses of remittances are to buy food and clothing as well as health expenses.
The purchase, remodeling or maintenance of housing is another of the main uses of remittances followed by the purchase of goods for the home.
