Remittances to Mexico declined in January, extending the downturn that produced the first annual drop in 12 years in 2025.
The Bank of Mexico (Banxico) reported Monday that Mexico received US $4.594 billion in remittances in January, a decline of 1.4% compared to the same month of 2025.
The month-over-month decline was 13.46%.
The fall in incoming remittances in January came after an annual decline of 4.6% in 2025, during which Mexico received $61.79 billion via international monetary transfers.
In percentage terms, the decline was the largest in 16 years and the first drop since 2013.
Most remittances to Mexico come from the United States, where millions of Mexicans live and work. Analysts partially attributed the decline in 2025 to fear of going out to work among U.S.-based Mexicans, of whom 4.3 million are “unauthorized” immigrants, according to the bank BBVA.
That fear is the product of the Trump administration’s aggressive deportation agenda.
Remittances data in detail
Banxico data shows that a total of 11.46 million individual remittances were sent to Mexico in January, representing an annual decline of 5.2%. Almost 99% of those remittances were sent electronically.
The average remittance was $401, an increase of 3.9% compared to January 2024.
At the current exchange rate, a remittance of $401 is worth around 6,950 pesos. Millions of Mexican families depend on the money they receive in remittances to cover their basic expenses.
Banxico also reported that US $99 million in remittances left Mexico in January, a 9.3% decline compared to the same month of last year. The average outgoing remittance was $412, a decrease of 7.5% compared to January 2025.
Other need-to-know economic data
- The USD:MXN exchange rate was 17.32 at 12 p.m. Mexico City time. The peso has appreciated around 4% against the greenback so far this year.
- Mexico’s headline inflation rate was 3.92% in the first half of February. Banxico targets 3% inflation.
- The Economy Ministry reported last week that Mexico received US $40.87 billion in foreign direct investment in 2025, a 10.8% year-over-year increase.
- Mexico’s economy grew 0.8% annually in 2025. Growth slowed significantly compared to the 1.5% rate recorded in 2024.
With reports from El Sol de México
