Incoming remittance towards Mexico in the third quarter of 2023 increased by over nine percent on an annual basis, a higher growth rate than in the previous quarter. This is according to a calculation that looks at personal money transfers and cross-country compensation of employees, on a quarterly basis. These two types of payments together form "personal" remittances. While technically not the same as "total" remittances, oftentimes the two types of remittances have the same figures due to a general lack of data tracking. Mexico had an estimated personal remittance inflow of 17.6 billion U.S. dollars in the third quarter of 2023.
Value of personal remittances in Mexico from 1st quarter 2005 to 3rd quarter 2023, based on remittance inflow from any other country
Characteristic
Personal remittances inflow (in million U.S. dollars)
All figures are estimates and in current U.S. dollars; This statistic follows the BPM 6 definitions of remittances, differentiating between "personal" and "total" remittances even if the two figures are often the same. See the "Details" tab for more information.
Supplementary notes
The numbers provided have been calculated by Statista, using definitions of remittances set in BPM 6 - the Sixth Edition of the IMF's Balance of Payments and International Investment Position Manual. The IMF used the following remittance definitions:
Personal remittances: The sum of "personal transfers", "compensation of employees" and "capital transfers between households";
Total remittances: The sum of "1. Personal remittances" with "social benefits";
Total remittances and transfers to Non-Profit Institutions Serving Households (NPISHs): The sum of "2. Total remittances" with "current transfers to NPISHs" and "capital transfers to NPISHs"
The categories of "personal transfers", "compensation of employees", "capital transfers between households", "social benefits", "current transfers to NPISHs" and "capital transfers to NPISHs" are all found in the IMF's Balance of Payments (BOP) database. Both the World Bank - and its KNOMAD department - adopted this IMF database in all their reportings on remittances.
Only the first two IMF categories - "personal transfers" and "compensation of employees" - are reported, though. All other categories are supplementary, meaning data is often not available or researched. This effectively means remittance data is incomplete - as it only covers (parts of)Â 1. Personal remittances.
Due to this lack of additional information, calculations on 1. Personal remittances and 2. Total remittances regularly lead to the same results. However, sources tend to write "total remittances" when the figures technically refer to "personal remittances". To avoid this confusion, Statista follows the BPM 6 wording of "personal remittances", unless a country does provide additional data that would lead to different figures that would be accounted for in "total remittances".
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Statista. (January 24, 2024). Value of personal remittances in Mexico from 1st quarter 2005 to 3rd quarter 2023, based on remittance inflow from any other country [Graph]. In Statista. Retrieved October 12, 2024, from https://www.statista.com/statistics/1473759/personal-remittance-inflow-mexico-per-quarter/
Statista. "Value of personal remittances in Mexico from 1st quarter 2005 to 3rd quarter 2023, based on remittance inflow from any other country." Chart. January 24, 2024. Statista. Accessed October 12, 2024. https://www.statista.com/statistics/1473759/personal-remittance-inflow-mexico-per-quarter/
Statista. (2024). Value of personal remittances in Mexico from 1st quarter 2005 to 3rd quarter 2023, based on remittance inflow from any other country. Statista. Statista Inc.. Accessed: October 12, 2024. https://www.statista.com/statistics/1473759/personal-remittance-inflow-mexico-per-quarter/
Statista. "Value of Personal Remittances in Mexico from 1st Quarter 2005 to 3rd Quarter 2023, Based on Remittance Inflow from Any Other Country." Statista, Statista Inc., 24 Jan 2024, https://www.statista.com/statistics/1473759/personal-remittance-inflow-mexico-per-quarter/
Statista, Value of personal remittances in Mexico from 1st quarter 2005 to 3rd quarter 2023, based on remittance inflow from any other country Statista, https://www.statista.com/statistics/1473759/personal-remittance-inflow-mexico-per-quarter/ (last visited October 12, 2024)
Value of personal remittances in Mexico from 1st quarter 2005 to 3rd quarter 2023, based on remittance inflow from any other country [Graph], Statista, January 24, 2024. [Online]. Available: https://www.statista.com/statistics/1473759/personal-remittance-inflow-mexico-per-quarter/