Between January and March of this year, the flow of remittances had an annual growth of 1%; However, it is the lowest observed for a similar period since the drop observed in 2013.

The remittances that Mexicans abroad sent to their country totaled, in the first quarter of the year, US$14,105 million, according to information released by the Bank of Mexico (Banxico).

In this way, between January and March of this year, the flow of remittances had an annual growth of 1%; However, it is the lowest observed for a similar period since the drop observed in 2013.

“In the period January – March 2024, 98.8% of total remittance income was made through electronic transfers, reaching US$ 13,935 million. For their part, remittances made in cash and in kind and money orders represented 1.0 and 0.2% of the total amount, respectively, standing at US$ 140 and 31 million, in the same order," the report detailed. Banxico.

Although growth was observed in the accumulated period, when considering only the month of March, remittances showed an annual drop of 3.3%, totaling US$ 5,021 million.

“March remittances, of US$ 5,020.7 million, decreased compared to the same month of the previous year for the first time since April 2020. With this figure, the flow of the last 12 months was US$ 63,452.7 million. “Is the growth of remittances in dollars already over?” questioned Jonathan Heath, deputy governor of Banxico, on social networks.

Remittances have been one of the main drivers of domestic consumption in Mexico and, therefore, have boosted the Mexican economy, although several analysts and institutions have put on the table that this should not be seen as an achievement.

According to BBVA Research's previous estimates, while this year the economy could grow around 2.9%, remittances would increase 6.6% annually.