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.

Lindsey Graham’s final mission nears finish line as world leaders gather to honor him

Democrats target more GOP House seats after socialist victories rock left-wing primaries

Lindsay Clancy’s ex-husband details ‘big spiral’ as expert says one part ‘scared me’ in mom’s murder trial

Heroic 16-year-old lifeguard rescues child from monster surf in heart-stopping video

California family members claim they were attacked at luxury Maui resort during violent melee

Leaked Document Reveals How Senate Republicans Plan to Walk Tightrope on SAVE America Act

19 cadets rushed to hospitals after mystery illness strikes military-style youth academy in DC area

Biden ghostwriter tapes released after former president forfeits legal battle

Biden’s classified docs narrative crumbles amid release of ghostwriter tapes: ‘Be careful’

Trump Calls on John Thune to Hold Senators in D.C. Until They Terminate the Filibuster

Senate advances nomination of Jay Clayton to lead intel community

Georgia teenager pleads guilty to charging Capitol grounds with shotgun

Netflix Executive Takes Legal Action After Being Fired for Workplace Retreat Confession

Senate clears way for Trump’s top spy as key anti-terror program remains in limbo

Summer School: Republicans’ crusade to teach voters the ‘New Math’ on the ‘commie caucus’

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.