Remittances to Mexico Drop in November Amid Economic Crunch Fears
- Remittances to Mexico from abroad dropped in November to $4.8 billion after a series of record months, data from the Mexican central bank showed on Monday, Jan. 2, 2023, amid fears of a global economic slowdown.
- Mexico had enjoyed six consecutive months of remittances over $5 billion since May, culminating with October's record of $5.36 billion. November marked a 3.9% seasonally-adjusted monthly decrease, though it was still up annually by 3%.
- Mexican President Andres Manuel Lopez Obrador has been a strong supporter of remittances amid weak domestic economic growth and high inflation. It remains to be seen if the November slowdown in remittances translates into stalling overseas support for Mexican families.
- Remittances from January through November rose 13.5% annually to a total of $53.1 billion, the central bank said. Lopez Obrador had forecast remittances to reach $60 billion by the end of 2022.