While Mexico’s oil industry generated US$18.7 billion and tourism $17 billion in 2016, remittances reached $27 billion.
95% of those remittances come from the U.S.
Remittances to Mexico Hit Record $27 Billion in 2016U.S. President Trump said during his campaign that restrictions on remittances could be used to pressure Mexico into paying for a border wall
The money that Mexicans send home also supports domestic consumption, which was the main driver of the country’s 2.3% economic growth last year. Industrial production was virtually flat, and exports of manufactured goods fell 1.2% in the full year.
In other news, Mexico Says Nafta Negotiations Should Start in May
#Trump plans to implement a 20% tax on #Mexicanimports to pay for wall. This will worsen US relationship with Mex, an imp #trade partner. pic.twitter.com/1UHdvQVofE
— Prof. Steve Hanke (@steve_hanke) February 1, 2017
Rick Lee says
Sneak into the US, have a baby, get on welfare and send the money home. Even the Chinese are doing this now. When there are enough of you, join the Hollywood-led revolution. If anyone doesn’t like it, scream racist. Take your land back and the “dream” has come true and you can turn the US back into the horrific mess you left behind in Mexico for a “better life.” Then move farther north and repeat the procedure.