• GROWTH: Remittances to Mexico from migrants abroad remained strong in January, reaching a total value of USD 2.58 billion, according to central bank figures. Despite being a seasonally weak month, this year’s number represented a 5.2% increase from January 2019.
• FIGURES: Mexicans are the largest group of immigrants in the US, totaling more than 11.2 million in 2017, according to US Census figures. Despite a challenging job situation due to stricter migration restrictions, remittances by Mexican immigrants reached a record high of USD 36 billion in 2019.
• ANALYSIS: “Remittances will remain strong despite some risks to this years’ outlook, including the employment status of Mexican migrants, the possibility of stricter measures at the northern border due to the Coronavirus, and the US election”, according to analysts at Grupo Financiero Banorte.
• FOREIGN INCOME: Remittances from Mexican immigrants abroad have become the most important source of foreign income for Mexico’s economy since 2014, way ahead from the amount received via foreign tourism (USD 25 billion) and oil exports (USD 22 billion).
