Wednesday, June 19, 2024

Remittances up 11% in June to US $3.53 billion

The Bank of México said Monday that remittances by Mexicans living outside Mexico — a significant portion of Mexico’s GDP — rose to US $3.53 billion in June, 4.7% higher than in May and 11.1% higher than in June 2019.

The numbers come as a bit of better news amid a lot of bad news regarding the Mexican economy: the latest Bank of México survey of private sector economists predicts a decline in the gross domestic product of 10.1%, up from 8.97% a month earlier.

The bank said Mexicans living abroad sent 19.07 billion pesos home during the first half of the year, which represents a 10.55% increase from the same period in 2019.

The money comes principally from Mexicans who live and work in the United States and is the second highest source of foreign exchange after automobile exports. President López Obrador has called migrant Mexicans “living heroes” for their economic support of the country.

SourcesMilenio (sp)

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