Finance International News Opinons Politics Southern Border Trade

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.

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.


California allocating $35M to support illegal immigrants amid Trump’s mass deportation agenda
Biden friends voice concern over increased fatigue amid cancer battle: report
Manhunt underway after Missouri deputy slain, suspect’s truck spotted heading toward Arkansas border
House Dem compares Trump’s illegal immigration crackdown to ‘terrorism,’ vows to abolish ICE
Abbott surges Texas troopers to border after cartel kingpin’s killing sparks violence in Mexico
Notorious Mexican Drug Lord Was Killed After Secret Rendezvous with Lover Went Awry
California Gov. Gavin Newsom Accused of Racism After Making SAT Score Comment to Black Mayor
Mamdani’s NYC: Mayor Says Deaths During ‘Historic’ Blizzard Were ‘Overdose Related’ and Not Due to Weather Conditions
Social media erupts after Stephen King makes false claim about Trump’s family: ‘What is this sh–?’
Jack Smith’s Report from President Trump’s Classified Docs Case Permanently Blocked by Judge Aileen Cannon
USA Women’s Hockey Team Declines Trump’s State of the Union Invitation
Republicans make new House push on cartels after death of Mexico kingpin
President Trump Will Fill Two Massive Court Vacancies as He Continues to Shape the Federal Judiciary
Former Secret Service officials warn of low-tech threats facing Trump after latest Mar-a-Lago breach
Trump’s ‘worldwide tariff’ sets stage for rebuke from Congress ahead of midterm elections


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

See also  Mainstream liberals join Soros in bankrolling group backing DC jury nullification effort

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.


California allocating $35M to support illegal immigrants amid Trump’s mass deportation agenda
Biden friends voice concern over increased fatigue amid cancer battle: report
Manhunt underway after Missouri deputy slain, suspect’s truck spotted heading toward Arkansas border
House Dem compares Trump’s illegal immigration crackdown to ‘terrorism,’ vows to abolish ICE
Abbott surges Texas troopers to border after cartel kingpin’s killing sparks violence in Mexico
Notorious Mexican Drug Lord Was Killed After Secret Rendezvous with Lover Went Awry
California Gov. Gavin Newsom Accused of Racism After Making SAT Score Comment to Black Mayor
Mamdani’s NYC: Mayor Says Deaths During ‘Historic’ Blizzard Were ‘Overdose Related’ and Not Due to Weather Conditions
Social media erupts after Stephen King makes false claim about Trump’s family: ‘What is this sh–?’
Jack Smith’s Report from President Trump’s Classified Docs Case Permanently Blocked by Judge Aileen Cannon
USA Women’s Hockey Team Declines Trump’s State of the Union Invitation
Republicans make new House push on cartels after death of Mexico kingpin
President Trump Will Fill Two Massive Court Vacancies as He Continues to Shape the Federal Judiciary
Former Secret Service officials warn of low-tech threats facing Trump after latest Mar-a-Lago breach
Trump’s ‘worldwide tariff’ sets stage for rebuke from Congress ahead of midterm elections

See also  Vance and Rubio would give GOP ‘potent one-two punch’ for 2028 ticket: Joe Concha

Mass protests and civil unrest across Central and Latin America were a primary factor in the rise of remittances. Although there are many diverse motivations for the movements that spread across Latin America, there are some similarities shared. People in Ecuador, Peru, Chile, Bolivia, and Colombia rose up in protest against political corruption and ineptitude, and the respective governments’ overall lack of responsiveness in dealing with social services.

According to global trends, remittance flows were down slightly in the fourth quarter of 2019 and was 6.8 percent. The global average for remittance transfers has remained below 8 percent since 2014, according to the World Bank.

Story cited here.

Share this article:
Share on Facebook
Facebook
Tweet about this on Twitter
Twitter