Remittances to Mexico increase 10.3 pct in July
Remittances to Mexico, one of the main sources of foreign exchange, grew 10.3 percent in July year on year, making it the 28th month on continued increases, the Central Bank of Mexico (Banxico) said on Monday.
The total amount of remittances for July was 2.867 billion U.S. dollars, surpassing the 2.6 billion dollars in July of last year, according to Banxico's monthly data.
During the January-July period of this year, the total amount of remittances to Mexico totaled 19.111 billion U.S. dollars, an increase of 11.4 percent compared to the same time last year, according to the data.
In 2017, Mexico hit a record high of 30.29 billion dollars in remittances.
Financial group Banorte said in a message to its customers that the flow of foreign exchange through remittances will continue, helped in great part by the dynamic labor market in the United States.
"The growth in the North American labor market has not only translated into greater opportunities for Mexican migrants, but also in an increase in wages for these workers," Banorte said.
"In this sense the possibility of sending larger remittances to their families has increased," it said.
In the past few years, remittances have become one of the principal avenues of foreign exchange in Mexico, in addition to direct foreign investment.
An estimated 11 million Mexicans live in the United States, according to official estimates and figures from non-governmental agencies.
Mexico is the principal recipient of remittances in Latin America.