The second highest source of income for Mexico, remittances from the U.S., is on super drive and Mexico is surely saying gracias Presidente Trump.
The Mexican central bank reported the money sent by Mexican immigrants living in the U.S. increased 9 % to $26.07 billion in 2016. This is the highest amount seen since 1995, the year the central bank started tracking remittances. Yes, folks that is the power of hard working Mexicans, nearly 11 million of them sending an average $300/month back to their native country.
Why the surge? Donald Trump!
Mexican banking authorities started noticing a surge in remittances in November of last year when candidate Trump became President Trump reaching a monthly level not seen in 10 years.
Trump, as the Republican presidential nominee, vowed to block and/or tax these transfers in order to pay for the wall just in case Mexico refused to pay. And Mexico is not offering a single peso for Trump’s $20 billion wall project.
Approximately 7% of the adult Mexican population is the beneficiary from U.S. remittances and those remittances account for nearly 3 % of the Mexican economy. U.S.-Mexico remittances are larger in value than oil exports and only second after auto exports.
According to the Center on Immigration Studies, California, Texas, Illinois and New York are the top four states sending remittances to Mexico.
HSN Staff Writers
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