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.

State Department Reopens Embassy in Venezuela Following Maduro Capture

Insanity: Far-Left Backlash Halts Mural Honoring Train Stabbing Victim Iryna Zarutska, Dem Mayor Calls Work ‘Divisive’

Feeding Our Future fraudster sentenced to just one year in prison by judge committed to ‘combating racism’

Dem gubernatorial candidate racked up eye-popping travel bill as AG during 400+ days traveling out of state

Trump floats dragging Congress back during spring recess to end shutdown — but one hurdle stands in the way

Bondi taps US attorney who voted against Biden 2020 certification for election integrity role

Gunmen massacre at least 12 in Nigeria on Palm Sunday in latest bout of attacks on Christians

Wild bodycam video shows cops storm chaotic teen ‘takeover’ as businesses trashed: ‘They come to fight’

NFL Star Comes to Defense of NBA Player Who Was Cut for Biblical Comments: ‘The World Calls Us Crazy’

On July 1, A Florida Airport Will Officially Become Donald J. Trump Int’l Airport and Get Corresponding New Airport Code

Missing paddleboarder found dead in Old Tampa Bay after a weekend disappearance near the causeway

Dem lawmaker sparks online firestorm after saying Iryna Zarutska mural doesn’t align with city’s values

Former San Francisco Human Rights Commission leader accused of ‘self-dealing,’ public corruption

Ground Stops Ordered for DC-Area Airports

Vance: White House Plans to ‘Go After’ Ilhan Omar for Alleged Immigration Fraud

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.