*Mexico’s central bank (Banxico) has released new figures which show that Mexico received US$5.62bn in remittances in May, marking a 0.9% annual decline. Despite this decrease, the number of transactions increased by 1.4% to 14.8m, indicating a higher volume of smaller transfers. The average remittance amount was US$381, down 2.3% from the previous year. This decline follows a yearly fall of 3.1% in remittances in March, making May the second month to see an annual drop in remittances this year. The cumulative total of remittances from January to May 2024 reached US$25.13bn, a 1.9% increase from the same period in 2023. Analysts attribute the annual decline in remittances to a high base of comparison and moderating economic activity in the US, the primary source of these funds.
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