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.

Trump dangles $5,000 checks as debt surges — but only if GOP can clear major midterm hurdle

Republican convention attendees share heartfelt tributes to late Charlie Kirk on assassination anniversary

Before One of Charlie Kirk’s Final Speeches, He Was Warned Not to Talk About Christianity – That Was All the Motivation He Needed

False Moderates, Part 4: AOC’s Presidential Ambitions Could Threaten American Liberty

Newsom says Biden, Clinton, and Harris were too insulated; urges Democrats to get out of their bubble

9/11 Museum unveils exhibition for generation too young to remember the attacks: ‘Called everybody to lead’

America’s reddest state chases billion-dollar boom as others sour on massive emerging industry

Walz warned about African official operating Minnesota group homes from overseas

Teen boater found clinging to capsized vessel after 3 go missing; 2 bodies recovered

Ex-NFL cheerleader battles former gubernatorial aide in tight GOP primary race

Five takeaways from opening night of first-ever GOP midterm convention

Trump makes stunning first-of-its-kind cash promise in bid to rally GOP voters at Dallas midterm convention

Trump electrifies his base, but the nosebleeds are empty. Is it enough to win the midterms?

Fetterman teases where his true loyalty lies after surprise appearance at GOP convention

EXCLUSIVE: 25 years after 9/11, ICE says more than 2K known or suspected terrorists have been deported

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.