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.
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
UPDATE
#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