• RECORD: Remittances of Mexican immigrants abroad, mainly in the US, rose to a historic high in 2019, reaching USD 36,049 according to new data released by Mexico’s central bank. The annual growth rate, however, slowed down from 11.2% in 2018 to 7% in 2019.
• IMMIGRANTS: Despite a significant decrease since 2014, Mexicans are still the largest group of immigrants in the US totaling more than 11.2 million in 2017, according to US Census figures. The average amount of remittances in 2019 was USD 326.29, as reported by Mexico’s central bank.
• HEALTHY: “For this year (2020) we expect remittances to remain quite healthy, providing some support to aggregate demand in a context in which dynamism in consumption (in Mexico) has surprised to the downside”, according to analysts at Grupo Financiero Banorte.
• FOREIGN INCOME: Starting in 2014, remittances from immigrants abroad have become the most important source of foreign income for Mexico’s economy, way ahead of the amount received via foreign tourism (USD 25 billion) and oil exports (USD 22 billion).
