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Wednesday, October 4, 2023

Remittances recover as more dollars are sent to Yucatan

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After a 20% drop in the second quarter of this year compared to 2019 — due to the impact of the COVID-19 pandemic — money sent by Yucatecan migrants in the United States rose sharply in the third quarter of 2020.

From January to September, remittances totaled US$178.1 million, an increase of 8.3% compared to the same period in 2019, when US$164.4 million were received by families in Yucatan.

Workers living in the United States have sent US$58.32 million to Yucatan from January to March; $45.4 million from April to June and 74.48 million from July to September.

According to the Bank of Mexico, the average amount of shipments between January and September was US$338 dollars, compared with $325 million in the same period of the previous year.

Of the third-quarter remittances, $25.5 million went to Mérida; $8.19 million to Oxkutzcab; $5 million to Tekax; US$4.58 million to Umán; US$3.9 to Peto; US$3.89 million to Ticul; $US3.59 million to Hunucma; 1.78 to Motul and 1.64 to Progreso, which were the municipalities that received the highest amounts for this.

At the national level, between January and September, remittances imposed a new maximum of $ 29,964.22 million, which meant an increase of 10 percent compared to the 27,239.66 million obtained in the same period last year.

The Bank of Mexico reported that most of the remittances were sent through electronic transfers. Mexico received US$3.53 billion in remittances in July alone.

Mexicans working in the United States have baffled economists by sending more money home than ever before.

The historic flow of remittances was identified last month “as a ray of light at this moment” by the deputy director of Economic Research at the International Monetary Fund (IMF), Gian María Milesi Ferretti.

Remittances from the United States represents the largest flow of income to Mexico.

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