Mexican Migrants Sent Record $36B In Remittances In 2019

Instability in Mexico and Latin America drove a wave of migrant workers to send a record amount of remittances to their home countries in 2019. Mexico’s Central Bank reported that Mexican migrants working overseas sent home a record-high $36 billion in remittances in 2019, a 7 percent increase from 2018.

According to a study from the Inter-American Dialogue, between 2016 and 2017, remittances to Mexico increased by 12 percent, a sharp rise from previous years.

States with the largest population of Mexican-born immigrants rank highest in remittance transfers. The states with the highest transfers include California ($8.84 billion), Texas ($4.3 billion), Illinois ($1.4 billion), New York ($1.8 billion), Florida ($1.15 billion), and Georgia ($1.0 billion). California accounted for nearly 29 percent of the total remittances to Mexico from 2014 to 2017. During this same time period, the percentage of the Mexican-born population in the U.S. dropped slightly by 1.3 percent while remittances spiked to nearly 8 percent.

Beginning in the late 1980s, Mexico transitioned from a closed economy to a market-oriented economy. Mexico further accelerated its market-based economy by entering into the NAFTA agreement in 1994 and exports became a major source of revenue. Still, Mexico is highly dependent on the United States for exports and remittances. Remittances replaced oil exports as Mexico’s largest source of foreign exchange, according to a Congressional Research Service report.

Watch: Travis Kelce Takes Massive Slap to the Face Mid-Game

Two Men Who Murdered Teen in ‘Satanic Ritual’ Granted Parole, Were Found Guilty After ‘Sacrificing’ a Virgin

Knife-wielding man slashes NYPD officer in face with 14-inch blade, police shoot him dead in pursuit

Serial killer claims he murdered 26 women as new documentary reveals dark secrets

California Dems Kill Bill Backed by Jay Leno That Would Have Exempted Classic Cars from Emissions Regulations

Another ‘Maryland Man’ Accused of Murdering 19-Year-Old American Woman

Russia damages Ukrainian government building in largest attack since war began

Ohio donors ditch Tim Ryan, pour nearly $220K into Vivek Ramaswamy’s governor bid

Pope declares 15-year-old computer programmer Carlo Acutis first millennial saint

OnlyFans boom on college campuses sparks concern as more students turn to platform for fast cash

Watch: Suspect Flees Traffic Stop, Doesn’t Make it Far Before K-9 Catches Up

South Korea reaches deal with US to release workers detained after immigration raid

CA Voter Illegally Registered Her Dog, Cast Its Ballot: Now She’s Facing Justice

Japanese prime minister resigns after party suffered historic defeat in summer election

Trump nominees pile up as GOP weighs rule shift once floated by Democrats

From foreign tourism, Mexico receives about $25 billion while only $22.4 billion in annual petroleum exports.

Mexico’s poverty rate remains high despite its openness to the international economic system. The poverty rate stands at 41.9 percent as of 2018 according to the International Monetary Fund. People working in the subsistence farming or informal sector of the economy are among Mexico’s poorest citizens and are especially reliant on remittances from the U.S. to pay for basic essential needs.

Remittance flows could remain high with Mexico’s economy projected to remain sluggish. The International Monetary Fund predicts meager economic growth for Mexico at 1 percent in 2020. Mexico’s 2019 third-quarter growth remained stagnant as well.

The rise in remittances from the United States to Mexico is happening alongside an overall downside trajectory in immigration from Mexican migrants to the U.S.

Across the wider Latin America region, remittances grew by 4.7 percent in 2019, according to a study published by Manuel Orozco, director of the Migration, Remittances, and Development Program at the Inter-American Dialogue.