The eight-month cumulative total has reached a record US$41.474 billion, benefiting the 4.9 million households that have a member displaced in another country, where they have better employment opportunities.

Remittances entering the country in August totaled US$6.087 billion, according to information from the Bank of Mexico (Banxico).

This is the second highest monthly record of dollar transfers issued from abroad by displaced workers, since records began, which is 1995, only surpassed by the figure observed in June of this year, when US$ 6,087 million were received.

This inflow of so-called migradollars represented an annual increase of 9.3% compared to the amount collected in the same month in 2023 and represents a new rebound since the July inflow, when US$ 5.613 billion was collected.

Data released by the Bank of Mexico show that each of the 4.9 million households receiving remittances received an average of US$407 during August, which reflects a recovery from the US$402 received in July.

From New York, Goldman Sachs' Latin American economist, Alberto Ramos, explained that this renewed impetus in the flow of remittances is the result of the advantage offered by the depreciation of the peso against the dollar in August.

In exchange for remittances in pesos, which is how money is spent in Mexico, the transfers generated a 17% annual return in real terms, discounting inflation.

In fact, he noted that in the eighth month of the year, the depreciation of the peso against the dollar was 11%, which was decisive for this increase in the flow of dollars.

With this monthly record, the cumulative income between January and August of this year reached US$43.027 billion, which exceeds the US$41.474 billion reported in the same period last year.

Strong annual flow

According to information from Banxico, in the last 12 months, from September 2023 to the same month in 2024, the accumulated flow of remittances amounted to US$64,872 million, an amount higher than the US$64,353 million collected in the same period of the previous year.

Experts from the Center for Monetary Studies of Latin America (CEMLA) show in an analysis that the Mexican immigrant population in the United States increased by 2.2% last year, an increase of 239,703 people.

This flow of displaced Mexicans registered its first increase after eight consecutive years of effective decline between 2014 and 2022.