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.

Journalist Challenges Jim Acosta to Fight Outside His Hotel

America’s Political War Is Costing Trillions: An American Union Could Fix It

Florida redistricting puts pro-Israel Democrats at risk

House Republican from Florida announces he won’t seek re-election this year

WATCH: Hearing erupts after Dem chair tries to sidestep GOP transgender sports bills: ‘They’re petrified’

SAVE Act quietly punted to Senate graveyard as some supporters concede defeat

Florida man allegedly shot woman in neck, dragged her back inside before hiding in backyard pool

California governor’s debate turns chaotic as candidates chase breakout moment

Illegal immigrant accused of killing newlywed couple in Oregon crash arrested by ICE after jail release

Pentagon urges Congress to codify ‘Department of War’ name change it estimates will cost $52 million

Biden Admin Used a ‘Code Word’ to Conceal Loans to Planned Parenthood, Senator Alleges

Reagan shooter calls link to Washington hotel ‘spooky’ after alleged Trump assassination attempt at same site

Self-Avowed ‘Socialist Socialite’ Roasted After Mocking Budget Dress Worn by Hegseth’s Wife

Teacher’s ‘Disgusting’ Comment About White House Correspondents’ Dinner Shooting Gets Him Placed on Leave

US Secret Service arrests suspect after barrier breach near White House during King Charles’ visit

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.