Remittances sent home by Mexican migrants (almost all of them residing in the USA) rose to $24.8 billion last year, up 4.75% compared to 2014.
The average remittance sent to Mexico in 2015 was $292.00, a slight decline. Almost all remittances (97%) are now sent via electronic transfer.
Figure 1 of Pew Report. Shaded area is period of recession.
Low oil prices have led to a sharp decline in the value of Mexico’s oil exports. Oil revenues last year totaled $23.4 billion, which means that remittances now exceed oil revenues as a source of foreign exchange. Before the implementation of NAFTA in 1994, oil revenues accounted for around 80% of all Mexico’s foreign exchange. In 2015, that figure was less than 20%, showing the degree of economic diversification that has been achieved post-NAFTA.
The value of oil exports in 2015 was also significantly lower than the value of manufactured goods exports, or the value of agricultural exports.
Want to learn more about remittances?
- Mexican migrants and remittances: an introduction
- How important are remittances to Mexico’s economy?
- Have Mexicans given up on the dream of moving to the USA? (Jul 2012)
- Migration and remittances: an index page – a comprehensive index page listing Geo-Mexico posts related to migration and remittances
