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migrant farmworkers Migrants continue to support relatives back home. David A Litman / Shutterstock.com

November remittances decline slightly; year-to-date total reaches $46.8 billion

The 12-month total topped US $50 billion

Remittance payments topped US $4.6 billion in November, representing annual growth of 37.7%, down slightly on the October total of more than $4.8 billion, reported the Bank of México.

The value of remittances for January through November was $46.83 billion, up from $36.954 billion over the same period in 2020: an annual increase of 26.7%. 

The 12-month total, from December 2020 through November, topped the $50 billion mark. 

The average remittance payment was up in November compared to October, rising from $384 to $401. Fewer payments were made in November. 

President López Obrador said at his morning news conference on Monday that the total for 2021 would be above $50 billion when the figures are added for December. “There’s another record that is going to be announced soon. We are going to reach $50 billion of remittances in 2021, like never before. That’s why our economy is in recovery and is growing,” he said.

Remittance experts Jesús Cervantes, Denisse Jiménez and Cindy Sánchez said in a report that higher salaries and the recovery in employment in the United States had contributed to the high levels of remittances in 2021.

With reports from El País

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