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
3 Responses to “Remittances in 2015 exceed oil revenues”
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I’m curious, does anyone have any idea what part of the total income of the people sending the money this represents? and how many people in total are sending the money? what would be the typical earnings of an individual?
thanks….
Interesting question! I don’t recall seeing figures that would answer your question, but will now keep my eyes open. Most of the statistics for remittances focus on the receiving individuals and communities, but you’ve now piqued my curiosity to try and find out more about those originating the flows. Don’t hold your breath, though, since I’m not sure I’ll come up with anything very useful.
I wonder where it’s at right now, given how much more prices have dropped since then!