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Money Migrants Sent Back to Mexico Reached Record at $51.6 Billion

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Screenshot 2020 06 10 14.27.21

There was more crossing the border between the United States and Mexico than hundreds of thousands of migrants last year. The Los Angeles Times reports that Mexico’s central bank says ‘remittances’ – the money migrants send back home to their relatives in Mexico, grew in 2021 by 27.1%, about $51.6 billion. The Los Angeles Times reports that the record was set, despite the COVID-19 pandemic.

The remittances surpasses almost all other sources of Mexico’s foreign income, including tourism, oil exports and most manufacturing exports. The bank said the month of December 2021 remittances grew to $4.76 billion, which is an aggressive 30.4% more than in the same month of 2020.

Mexico is now the third-largest receiver of remittances globally, behind India and China. According to a government report, Mexico now accounts for roughly 6.1% of world remittances.

“Remittances as a percentage of Mexico’s gross domestic product have almost doubled over the past decade, growing from 2% of GDP in 2010 to 3.8% in 2020, according to the government. Between 2010 and 2020, the percentage of households in Mexico receiving remittances grew from 3.6% to 5.1%” reports the Los Angeles Times.

“On one hand, the spike may be simply a matter of need, caused in part by the pandemic. Mexico’s GDP shrank 8.5% in 2020, and, while the economy rebounded to post 5% growth in 2021, the last two quarters of the year showed a slight contraction, leading the country into a technical recession.”

Therefore migrants may have been more likely and able to send more money to their families at home.

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3 Comments

3 Comments

  1. Jaye

    February 3, 2022 at 5:17 pm

    Tax remittences 100% – that money earned in the US does not recirculate in the US economy. ICE raids needed at every Western Union office in the US, every Saturday morning when the crowds line up and circle the block.

  2. MicahStone

    February 3, 2022 at 5:50 pm

    “Money Migrants Sent Back to Mexico Reached Record at $51.6 Billion”
    —WHY BOTHER TO SEND OUR TAX MONEY TO THE IRS ??? LET’S CUT OUT THAT USELESS MIDDLEMAN AND SEND ALL TAX MONEY DIRECT TO mexico.

  3. MicMac69

    February 6, 2022 at 4:41 am

    Improving Mexicans’ life in Mexico with American $ sent by Mexican migrants might diminish the Mexican exodus towards the US. Being supportive of their families is a value americans have forgot, americans who are angrily splitting in pro-Biden and pro-Trump over Thanksgiving turkey…

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EXCLUSIVE: Former Trump appointee explains an ‘America First Strategy’ in the ME

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Photo: Israeli Government

The author interviewed Ellie Cohanim, one of the authors of the new book: “An America First Approach to US National Security.” Ellie is the former U.S. Deputy Special Envoy to Monitor and Combat Antisemitism under the Trump administration. She is currently a Senior Fellow with the Independent Women’s Forum focusing on Iran, Israel, and global antisemitism, and is a national security contributor for the Christian Broadcasting Network. In 2021, Ellie launched and hosted for Jewish News Syndicate 30 plus episodes of the show “Global Perspectives with Ellie Cohanim.” Ellie spent 15 years in media and NGO management before serving in the public sector. How would you define an “America First” strategy in the Middle East?

Cohanim: An America First strategy in the Middle East would seek to advance American national security interests in that region, while maintaining our status as THE global superpower. To do that, the US would ensure that our principal allies in the region, countries like Saudi Arabia and Israel, are economically and militarily strong, and that our adversaries in the region are deterred.

Postal: How has the United States’ standing in the Middle East differed between the Trump and Biden administrations?

Cohanim: Under President Trump, for four years we had peace, stability and prosperity in the Middle East/North Africa (MENA) region. Under President Biden, in just three tumultuous years there has been war in the region, which holds the potential for becoming a regional conflict and even a nuclear confrontation. Meanwhile, the US’ status in the region and the world has diminished due to Biden’s disastrous mishandling of the Afghanistan withdrawal, his emboldening of the Islamic Republic of Iran, and his weak response to Iranian attacks on our personnel and assets in the region. 

 

Postal: Do you think the United States and Israel are/were in a stronger position to deter Iran’s nuclear and territorial ambitions in Biden or Trump’s administration?

Cohanim: America’s position of strength has not changed under either administration vis-à-vis the Islamic Republic of Iran. What has changed is our Iran policy. Under President Trump’s administration, the US contained and constrained Tehran. Trump applied a “Maximum Pressure” sanctions campaign which left the Iranian Regime with only $4 billion in accessible foreign currency reserves by the end of his term, giving the Iranians less cash and less ability to fund their terror proxies and their nuclear program, and Trump eliminated Qassem Soleimani. While all President Biden needed to do was to continue implementing such successful policies, his administration instead did the exact opposite.  Under the Biden administration, Israel, our leading ally in the region, was attacked for the first time directly from Iranian soil. This was an unprecedented escalatory attack by the Iranian regime, and could only happen under the Biden administration.

Postal: In your chapter of the book, you discuss the weakening of US relations with Israel and Saudi Arabia under the Biden administration. How has the Biden administration affected the likelihood of future normalization between Israel and Saudi Arabia, and deals between Israel and other Muslim countries (i.e., new Abraham Accords)?

Cohanim: The good news is that the Abraham Accords have withstood the test of multiple Hamas provocations against Israel, and now the current war. Despite numerous claims from the Biden administration regarding “successful” efforts to normalize ties between Saudi Arabia and Israel, I do not think that the Biden administration will be able to clinch such a deal. In the Middle East, people have a long memory. Saudi Arabia’s de-facto ruler Crown Prince Mohammed bin Salman (MBS) has not forgotten President Biden’s snub when he first came into office, and Biden’s incredibly poorly advised behavior towards the Crown Prince when he made his first visit to the Kingdom as president. The last thing the Crown Prince wants is to hand Biden his first foreign policy success with a Rose Garden peace deal ceremony. So, I do not believe President Biden can broker Saudi/Israeli normalization.

However, I am also convinced that it is a matter of “when” and not “if” such a peace deal will happen between those two countries, as it serves both of their interests to make such a deal. The Saudis understand better than anyone that it is the Islamic Republic of Iran that threatens the Kingdom’s security and stability, not Israel.

Postal: What do you think of the Biden administration’s latest statements withholding arms to Israel?

Cohanim: President Biden will go down in history for his abject moral failure in not standing by Israel while she fights a five-front war. Biden has shown his despicable personality for trying to keep his anti-Israel arms embargo concealed until he could first deliver a speech on the Holocaust. Biden’s behavior is despicable on so many levels.

Ultimately, Biden is betraying the American people. He came into office presenting himself as a “centrist Democrat,” but has proven repeatedly to be beholden to the radical, extremist, pro-Hamas wing of his party.

Postal: How does the Biden administration’s support of a Palestinian state differ from the Trump administration’s support of a Palestinian state under its Peace to Prosperity framework?

Cohanim: The Biden administration stated that they will “unilaterally recognize” a Palestinian state. What the borders of that state are and who would lead it, nobody knows. 

The Trump administration’s “Peace to Prosperity” was a detailed plan that was premised on the realities on the ground in Israel. The plan required that the Palestinians reach benchmarks proving a real desire to live in peace with their Israeli neighbors. It included over $50 billion in investment in the region, which would have been a road to prosperity for all. Perhaps most significantly, the Palestinian state envisioned under the Trump plan would have been demilitarized, the wisdom of which could not be more clear following the October 7 massacre and attack.

The author would like to thank Ellie Cohanim for participating in this interview.

 

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