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.


Illegal alien ‘monster’ charged with raping dead girlfriend’s daughter, DHS blames Biden-era policies
Disturbing new details revealed in death of Denver airport intruder who died after breaching fence
Schumer backs GOP’s plan to bring the pain during future shutdowns: ‘I’m going to vote for it’
Mayorkas doesn’t endorse fellow Biden official Becerra in California gubernatorial race
Breaking: Marty Makary Is Out as FDA Commissioner – Acting Replacement Named
Indiana’s Cignetti Gifts Trump Custom Hoosiers Jersey as NCAA Champs Visit WH: ‘I Like This Guy’
Military vet sees opening for GOP in blue state amid ‘embarrassment’ of ‘stolen valor Walz’
Democrats Attempt to Bully House Republican Into Resigning Over ‘Racism’ Against Hakeem Jeffries
Career Criminal Opens Fire on Police Officers While Out on Parole for the Same Crime
Judge in Tiger Woods hearing allows access to drug records
Warsh confirmed as Fed governor, with vote on chairmanship to follow
Once doomed, Trump’s pick to carry out his economic vision clears first crucial hurdle
Court hears arguments on Missouri’s new map as Democrats try to claw back GOP redistricting gains
Virginia GOP leader blasts ‘power-hungry’ Jeffries as Dems mount ‘insane’ gambit to overpower high court
Mother’s Day dinner dispute turns violent as man accused of stabbing grandmother 11 times: police


See also  Trump motorcade drives across Lincoln Memorial Reflecting Pool to inspect renovation efforts

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.


Illegal alien ‘monster’ charged with raping dead girlfriend’s daughter, DHS blames Biden-era policies
Disturbing new details revealed in death of Denver airport intruder who died after breaching fence
Schumer backs GOP’s plan to bring the pain during future shutdowns: ‘I’m going to vote for it’
Mayorkas doesn’t endorse fellow Biden official Becerra in California gubernatorial race
Breaking: Marty Makary Is Out as FDA Commissioner – Acting Replacement Named
Indiana’s Cignetti Gifts Trump Custom Hoosiers Jersey as NCAA Champs Visit WH: ‘I Like This Guy’
Military vet sees opening for GOP in blue state amid ‘embarrassment’ of ‘stolen valor Walz’
Democrats Attempt to Bully House Republican Into Resigning Over ‘Racism’ Against Hakeem Jeffries
Career Criminal Opens Fire on Police Officers While Out on Parole for the Same Crime
Judge in Tiger Woods hearing allows access to drug records
Warsh confirmed as Fed governor, with vote on chairmanship to follow
Once doomed, Trump’s pick to carry out his economic vision clears first crucial hurdle
Court hears arguments on Missouri’s new map as Democrats try to claw back GOP redistricting gains
Virginia GOP leader blasts ‘power-hungry’ Jeffries as Dems mount ‘insane’ gambit to overpower high court
Mother’s Day dinner dispute turns violent as man accused of stabbing grandmother 11 times: police

See also  Trump motorcade drives across Lincoln Memorial Reflecting Pool to inspect renovation efforts

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