Remittances achieved historical maximum of 64 thousand 675 million

The remittances reached a historical record of 64 thousand 675 million dollars in 2024 and accumulated 11 years of growth, the Bank of Mexico (BDEM) revealed yesterday.

The amount reported in 2024 is 2.3 greater than the previous year, which was 62 thousand 319 million dollars; However, a slowdown is observed, since in 2023 the annual growth was 7.6 percent.

In December 2024, these transfers, mainly from the United States, added 5,228 million dollars, an annual contraction of 4.9 percent compared to 5,497 million dollars of equal month of 2023.

According to the BDEM, with unionized series, in the last month of 2024 reasons for remittances were reduced 11.2 percent monthly.

According to Banamex, remittances will continue to weaken due to a lower generation of jobs in the United States, to which are added the most restrictive migratory policies announced by President Donald Trump and the possibility of hardening financial regulation on these flows.

In a decade, the volume of remittances to Mexico has increased 165 percent in current dollars, from 24 thousand 402 million dollars at the end of 2014 to 64 thousand 745 million at the end of 2024, detailed the BBVA economic analysis area.

In 10 years, The volume of operations almost doubled, from 6.9 to 13.7 million transactions, while the average nominal spikes increased from 294 to 393 dollarsBBVA said.

He added that the remittances presented a mixed behavior by federative entity, since last year the income was lower in 17 states, compared to what was reported in 2023.

“The largest falls were observed in Sinaloa (-17.7 percent), Baja California Sur (-15.9) and Tabasco (-9.1 percent).

On the other hand, in 15 entities there were increases; Mexico City stands out with an increase of 21.1 percent, Puebla (7.1) and Oaxaca (6.8), ”he said.

He stressed that Michoacán resumed the first place in reception of remittances with an annual income of 5,647 million dollars, followed by Guanajuato with 5,643 million, and Jalisco, with 5 thousand 503 million. To these three entities one in four pesos of the remittances arrived in 2024accurate.

California, principal origen

The analysis indicates that much of the remittances that Mexico receives come from the United States, what is explained because the majority of the Mexican migrant population resides in that country.

Last year, 96.6 percent of the total remittances that Mexico received from the United States and California was the main state of origin, with 20 thousand 412 million dollars, almost a third of the flow that comes from the neighboring country.

Second is Texas, with 9 thousand two million dollars, 14.4 percent of the total. Other states with importance in sending remittances to Mexico are, in order of importance: Colorado, Georgia, Illinois, Florida, New York and North Carolina.