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.

Gabbard ends task force that aimed to reform intelligence gathering after less than a year

Florida man allegedly points gun at multiple drivers during road rage confrontation

IRS erroneously shared confidential immigrant taxpayer data with DHS: court filing

Federal Judge releases four illegal immigrants convicted of murder, sex crimes from ICE Custody

Affluent Upper East Side explodes in outrage over controversial homeless shelter: ‘Unacceptable!’

Trump threatens ‘consequences’ after 6 House Republicans voted to reverse his Canada tariffs

Illegal alien youth coach could face death penalty after allegedly murdering, raping teen player

Wild Exchange: Nadler Makes Mistake of Insulting Bondi, Triggering a Scorched Earth Response Where She Brings the Receipts on His Hypocrisy and ‘Gutter’ Behavior

Chinese criminal gang allegedly recruited Navy members for sham marriages and base access

Trump directs military to strike new deals with coal-fired power plants: ‘Going to be buying a lot of coal’

Watch: Nadler Appears to Be Dead Asleep at Epstein DOJ Hearing – Same Hearing Where He Accused AG Bondi of Not Caring About Victims

Report: This GOP Advantage Has Some Democrats Panicking About Their Midterm Chances

GOP Senator Does Deep Dive on Trump Assassination Attempt and Remains Troubled by ‘Unresolved’ Questions

DHS unloads on anti-ICE Dems after man arrested with manifesto, ‘disturbing’ alleged plot to kill agents

Vehicle falls 500 feet off towering cliff along California scenic roadway, killing one

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.