The inflow of remittances to Mexico declined in annual terms for a fourth consecutive month in July, while income from the international monetary transfers was also down in the first seven months of the year.

The Bank of Mexico (Banxico) reported on Monday that remittances totaled US $5.33 billion in July, a 4.7% decline compared to the same month of 2024. It is the first time since 2013 that Mexico’s income from remittances has declined on an annual basis during four consecutive months.

The vast majority of remittances to Mexico are sent by Mexicans who live and work in the United States, where the Trump administration’s deportation agenda has created fear among the large Mexican migrant community and caused some people to limit their movements outside their homes.

Analysts have partially attributed the decline in remittances to Mexico this year 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.

Banxico also reported on Monday that Mexico’s income from remittances totaled $34.88 billion between January and July, a decline of 5.5% compared to the same period of 2024.

That was the largest year-over-year decline in remittances since the first seven months of 2009, when an 11.9% annual reduction was recorded.

Thus, income from remittances — money that helps many Mexican families make ends meet — is on track to decline in 2025 for the first time in more than a decade.

Fewer transactions, smaller sums, in first 7 months of 2025

Banxico data shows that the $34.88 billion in remittances Mexico received between January and July was transferred in just over 89 million transactions, a 4.9% decline compared to the number of individual transactions in the first seven months of 2024.

The average amount transferred to Mexico in each transaction was $392, a 0.6% decline compared to the average in the first seven months of last year.

In July, the number of individual remittance transfers to Mexico declined 8% to 12.8 million, but the average sum sent increased 3.6% annually to $416.

More than 99% of the total amount in remittances Mexico received between January and July was transferred electronically.

Outgoing remittances fell 13.7% between January and July 

Banxico data also shows that $687 million was sent out of Mexico in remittances in the first seven months of 2025. That figure represents a decline of 13.7% compared to the same period of 2024.

Mexico’s remittances surplus in the first seven months of the year was $34.2 billion, down from $36.12 billion in the January-July period of 2024.

With reports from La Jornada and Reforma