Economy & Business - July 2022

MEXICO: US economic crisis threatens remittances to Mexico

Mexico was the second main recipient of remittances worldwide after China last year. According to Mexico’s central bank (Banxico), remittances to Mexico totalled US$51.59bn in 2021. In contrast, foreign direct investment (FDI) during 2021 totalled US$32bn. However, Mexico’s President Andrés Manuel López Obrador has warned that a worsening of the economic crisis in the US could cause these record remittance levels to drop, reversing a long-running upwards trend.

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