Mexicans send more and more money to the country

Mexico City. In September 2018, the remittances from families increased 8.84% for the same period last year and 30 months with annual rate hikes, indicate the figures of the Bank of Mexico (Banxico).

The amount of remittances sent to Mexico in September, it amounted to $ 2 709 million. Although the annual change for September is slightly lower than last August at 9.12%, the behavior of the indicator remained positive.

This evolution is explained by the results reported both in the operations and in the average value of remittances from abroad, mainly Mexicans working in the United States, a country that contributes 94, 4% of remittances.

Last September, the number of remittance transactions rose to 8.55 million, or 5.01% more than in the same period last year. annual rate lower than the previous three months.

Something similar was presented in the average value of remittances, which amounted to $ 317, an advance of 3.59% at the annual rate, less than 9.58, 4.18 and 3, 85% in June, July and August of this year. , in each case.

The unemployment rate in the United States was 3.7% in September, its lowest level in nearly 50 years, favoring the sending of resources to Mexico, said David Cervantes and Juan José Li Ng, specialists in BBVA Research.

According to Cervantes and Li Ng, the decline in the unemployment rate in the United States, combined with favorable economic conditions, is contributing to the increase and improvement of jobs for the Mexican population residing in the United States. allows more important resources available for sending funds to their loved ones in Mexico.

If the comparison concerns the first nine months of 2017, the value of remittances collected by Mexico increased by 10.52% to $ 24,677 million.

During this period, the number of funds transfer operations has increased by 6.44% per annum to reach 77.11 million, unprecedented figure, as well as the cumulative amount of funds transfers.

The average value of the shipment was 319 dollars, which represents an increase of 3,87% annual rate.

Remittances will continue to increase in the last quarter of 2018, but it is possible that this flow will contract for the month of October this year, according to BBVA Research forecasts.