Mexican migrants sent record $36B in remittances in 2019

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Migrant workers sent 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.

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).

Comparatively, Mexico receives about $25 billion from foreign tourism, and $22.4 billion in annual petroleum exports.

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.

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. Mass protests and civil unrest across Central and Latin America were a primary factor in the rise of remittances.

[Fox News]

This entry was posted in , , by Grant Montgomery.

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