Mexico Receives US$5.4 Billion in Remittances in November

Mexican households received US$5.4 billion in remittances during November 2024, benefiting 4.9 million families, according to data from Mexico’s Central Bank (Banxico). This amount represents a 10.6% increase compared to the US$4.9 billion recorded in November 2023 but reflects a slight moderation from October’s US$5.7 billion.

Between January and November 2024, remittances totaled US$59.5 billion, the highest cumulative figure recorded for this period. This surpasses the US$57.8 billion reported during the same timeframe in 2023. These funds benefit about 12.3% of Mexico’s adult population, or one in eight adults, according to the Center for Latin American Monetary Studies (CEMLA). A portion of these recipients includes migrants in transit through Mexico, temporarily receiving remittances as they continue their journey to the United States.

The depreciation of the peso against the dollar strengthened remittances. The peso weakened by 14.1% during the reporting period, increasing the purchasing power of remittances converted to pesos. Remittance flows have exhibited volatility throughout 2024. Monthly figures ranged from US$4.5 billion in January and February to peaks exceeding US$6 billion in June and August. November marked the seventh month in which inflows fluctuated between US$5 billion and US$5.7 billion, reports Banxico.

The average remittance per household in November was US$397, down slightly from US$407 in August. These funds were transferred through 13.6 million transactions, a decline from October’s 14.7 million.