Economic recovery and citizens’ confidence depend on remittances, which have already hit a record high in the first half of the year. According to the Bank of Mexico, they recorded a total of 30 thousand 238 million dollars.
In June alone, remittances from Mexicans living abroad to their families totaled $5,572 million, an 8.3 percent increase in the annual rate.
This amount is the second highest in a month, surpassed only by last May, when the effect of Mother’s Day led to the arrival of 5 thousand and 693 million dollars.
An additional factor of the economy in the apparent recovery, which directly affects the consumption possibilities and consequently has an impact on the growth of various areas.
Remittances have already accumulated over 38 consecutive months of growth, starting in May 2020, and have benefited nearly 10 million households.
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BBVA Research estimates that San Cristobal de las Casas ranks as the municipality receiving the most benefits, with $420 million; Tijuana is in second place with 386 million. Followed by urban centers like Guadalajara, 330 million Leon 305 million Morelia 304 million Puebla 282 million Aguascalientes 282 million and Monterrey 278 million.
Possibly the positive behavior of remittances is related to the employment growth of the Mexican-American population in the United States, where approximately 95% of these resources come from.
During the pandemic, such an influx of capital represented the possibility of receiving households to maintain consumption, and now, given the dynamic of a full recovery of activities, it means up to 4 percent of the national GDP, with positive effects on household spending on education, health and finally investment in Small businesses.
The so-called “immigrants” account for up to a third of income and the tendency of migrants to be in solidarity with their families in the country of origin.
A few days ago, the head of the government of Mexico City, Marti Patriz, highlighted the “remittance spree”, which added to other elements of the national economy – such as wage increases and consumption – strengthens confidence in the path and responsibility in the administration of President Andrés Manuel López Obrador.
Brotherhood and solidarity for the benefit of the family and the national economy.
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Salvador Guerrero Schipres is the president of the Citizens’ Council for Security and Justice in Mexico City.
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