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☆ 30% MORE INCOME THAN ANNUAL TOURISM OR OIL EXPORTS
Mexican migrants working abroad sent home a record $36 billion in remittances in 2019, an increase of 7% over 2018, when they totaled $33.67 billion. It’s the highest level of remittances on record.
It’s also greater than the $25 billion in income Mexico receives from foreign tourism, or the country’s $22.4 billion in annual petroleum exports.
Mexico’s central bank said the average amount of each electronic transfer sent home was about $300.
Electronic transfers have largely replaced cash and money orders as the most popular method for sending money home. Studies suggest that recipients largely use the transfers to pay living expenses.