Record $30 billion leaving U.S. for Mexico
Mexico will likely receive $30.5 billion from the Mexican diaspora living abroad — 6.5 percent more than it did in 2016. About 95 percent of Mexico’s annual remittance haul comes from the U.S., according to Mexican bank BBVA Bancomer.
Remittances to Mexico from the U.S. have been rising in recent years due to improved labor market conditions for immigrants in America and the falling cost of sending money abroad, says the World Bank-sponsored Global Knowledge Partnership on Migration and Development (KNOMAD).
In August, the unemployment rate for the foreign-born population in the U.S. was 4.2 percent, compared to 4.6 percent for native-born Americans. The tighter labor market may be contributing to higher wages for Hispanic immigrants, boosting the overall value of remittances they send home. ■