• STRENGTH: Remittances of Mexican migrants abroad reached its second highest monthly number on record in June totaling US $3.54 billion, new figures released by Mexico’s central bank show. The number represents a growth of 11% when compared to the same month last year.
• COUNTER CURRENT: Against worldwide trends and baffling analysts who expected a downward trend due to the pandemic crisis, the growth in remittances of Mexican migrants -mostly in the US- remains a bright for the Mexican economy which expects its worst contraction in 90 years.
• RESILIENCY: “The flow of remittances (to Mexico) keeps showing a greater-than- expected resiliency, with migrants maintaining their extraordinary efforts to support their families”, analysts at Grupo Financiero Banorte said citing the positive effect for consumption in Mexico.
• UNIVERSE: The Mexican-origin population in the US is estimated to be 36.6 million, according to US Census data. Among this population, 11.1 million were born in Mexico of which 4.9 are unauthorized immigrants present in the US, according to an analysis by the Pew Research Center.
