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.

Ex-judges blast top Trump DOJ official for declaring ‘war’ on courts

Judge rejects Rep. LaMonica McIver’s bid to toss assault case, says her actions had ‘no legislative purpose’

Hunter Biden Spouts Unhinged Conspiracy Theories About Charlie Kirk’s Assassination, Claims it ‘Only Served’ MAGA

DHS deports illegal migrant charged with violent crimes who’d been aided by judge to avoid ICE arrest

Iowa special education aide fired over Charlie Kirk comment files lawsuit

Biden admin gave protected status to Honduran man later charged in child rape and torture case of niece

Federal judge slams brakes on Trump admin rule limiting commercial driver’s licenses for immigrants

BREAKING: President Trump Will Ask DOJ to Investigate Epstein’s Link with Top Liberal Politicians and Billionaires

Leftists Show Their True Colors with Sickening Reactions to John Fetterman’s Hospitalization

Footage of JFK’s Grandson Performing a Nazi Salute Surfaces Days After He Launches Bid for Congress

Cost of bureaucracy exploded under Biden, report shows

New prosecutor to oversee Georgia RICO case against Trump allies

Trump to ask DOJ to investigate Epstein ties to Democrats, banks

GOP unity shattered by controversial measure in government shutdown bill

Pete Hegseth Announces the Launch of ‘Operation Southern Spear’ to Protect ‘America’s Neighborhood’

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.