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.

Burglar Armed with Submachine Gun Raids Missouri House: The Homeowner Sent Him Home in a Body Bag

Police Called to Kamala Harris’s Malibu Mansion After Unknown Woman ‘Illegally Entered’

Black conservative reveals how GOP can lock down minority voters without Trump on ballot

Sweden’s right-wing government hoping nationalist-populist allies will hold back left-wing coalition

Wisconsin GOP governor candidate swims from sinking plane after emergency lake landing

Man accused in brutal motel stabbing sought as person of interest in 4 deaths, child attack

Florida woman accused of setting stranger on fire at gas station, leaving horrific burns

Knife-wielding man races at officer in packed seaside park before one deadly shot rings out: video

Uninvited woman enters Kamala Harris’ Malibu property prompting sheriff response: reports

Son of notorious Somali dictator reportedly living in Ohio decades after brutal regime’s collapse

The Fentanyl Crisis May Be Coming to an End But Kratom Is Ready to Take It’s Place

Video Puts US Military Power on Full Display, Shows Total Missile-Strike Destruction of Iran Tankers

Sick: At 9:11 PM on 25th Anniversary of 9/11, Man Runs on Field at Yankee Stadium With Palestinian Flag

Nuns Fight Back Against Law Forcing Them to Help Patients Kill Themselves

Outrageous Taxation Has Destroyed American Lives Going Back Decades

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.