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News Article

US-Mexico Meeting/Remittances Flows Continue to Grow

By Paloma Duran | Fri, 06/17/2022 - 12:31

The number of workers registered with the IMSS is increasing. President Andrés Manuel López Obrador highlighted that from May 2022 to date approximately21 million workers have been registered in the Mexican Institute of Social Security (IMSS). López Obrador explained that although the employment figure did not increase as expected, it broke a record. “The jobs registered in the IMSS did not increase as we had hoped, but there were no job losses. There was even a record 21 million registered. We continue to generate jobs and give fair wages to the population."

According to the IMSS, 338,339 jobs were created in the first five months of the year, of which 75 percent are full time jobs. Meanwhile, from May 2021 to May 2022, 899,043 employment positions were created, representing an annual growth of 4.5 percent. However, a monthly decrease of 2,855 jobs was recorded in May 2022. The IMSS explained that the decrease in May was due to the agricultural cycles, which affect especially May and June.

Entrepreneurs may be invited to a meeting between López Obrador and Biden. López Obrador revealed that in his next meeting with President Joe Biden he will request the participation of Mexican and American businessmen. “ Mexican businessmen have told me they want to be in the meetings since the topics that will be discussed affect them as well. I told them that I was going to propose to President Biden so that he could also invite American businessmen to the meetings. There is no date yet, but it could surely be on July 15, ”he pointed out.

López Obrador met yesterday with President of the Business Coordinating Council Francisco Cervantes and President of the Mexican Council of Entrepreneurs Antonio del Valle Perochena to discuss investments by the private sector and the president's visit to Washington. The meeting between López Obrador and Biden will focus on immigration, investment, economy issues, which were discussed at the Summit of the Americas. However, since López Obrador did not attend, the new meeting is to discuss and agree on key agreements.

New record of remittances for 2022. The president said that the remittances sent by Mexican nationals in the US to Mexico are considered a “miracle”, since they are the ones that have allowed the Mexican economy to continue growing, despite the COVID-19 pandemic. “Last year we had a remittance record of US$51, 594 million, this year we expect to reach US$60 million.”

There are more than 36 million Mexicans living in the US, citizens that have become Mexico’s main source of dollarized remittances. Last year, these remittances registered an all-time high of US$51.6billion, 27.1 percent more than in 2020. According to BANXICO, during 1Q22 US$17.3billion of remittances were received, an increase of 17.57 percent compared to the US$14.6 billion received in 2021.

The data used in this article was sourced from:  
Gobierno de México, Milenio
Photo by:   Gobierno de México
Paloma Duran Paloma Duran Journalist and Industry Analyst