MEXICO CITY—Mexican families received a record high of $48.3 billion in remittances from January to October.
The number represents an increase of 14.6% over the same period last year, data from the Mexican central bank shows, according to Mexico News Daily.
The figure also marks 30 months of sustained increases with highs recorded in May ($5.142 billion), June ($5.144 billion) and September ($5.3 billion). In October alone, the number of remittances was $5.35 billion — 11.25% more than the $4.81 billion registered in the same month of 2021, Mexico News Daily said.
In total, 124 million operations were registered between January and October, mostly electronic transfers.
Remittances, mainly from Mexican migrants in the United States, represent the country’s second-largest source of foreign revenue after automotive exports. It also accounts for more than the Mexican agricultural sector, which contributes 3% to the gross domestic product, Mexico News Daily added.
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