MEXICO CITY—Mexicans working abroad sent $4.51 billion home in May, a 31% increase compared to the same month of 2020, central bank data show.
It was the 13th consecutive month that remittances – a key driver of the Mexican economy and the country’s second biggest source of foreign currency after auto exports – increased on an annual basis, Mexico Daily News reported.
The number of transactions and the average amount of each transfer, most of which were made in the United States, both increased in May compared to a year earlier. The former figure increased 14.5% to 12.3 billion while the latter rose 14.4% to $366.
Bank of México data show that $19.18 billion was sent to Mexico in remittances in the first five months of 2021, a 21.7% increase compared to the same period last year, Mexico Daily News said.