Remittances, or money sent back to one’s home country, have reached a new record in neighboring Sonora.
In 2022, Mexicans working abroad sent home more than $900 million to Sonora.
That’s the largest figure on record and more than double what was sent in 2017, but it also represents just a 4.5% jump over 2021. In the preceding four years, average annual increases were around 18%.
Nationwide, the roughly $58.5 billion sent back by Mexican workers was also a new record, and a more substantial 13% year-to-year jump, according to the Banco de Mexico data.
Exceeding China by more than $7 billion, Mexico now receives more in remittances than any other country with the exception of India, which received around $100 billion last year, according to a recent report.
