Remittances from Mexican workers in the United States totalled USD $24.77 billion in 2015, which meant they exceeded by 33 percent the value of Mexican oil exports, it was reported Wednesday Feb. 3.
According to a report from the Bank of Mexico, remittances received during 2015 were superior to 2014, with a growth of 4.75 percent.
The contributions of remittances led by 33 percent the revenues from exports of crude oil from PEMEX, which, according to Pemex, were of USD $18.524 billion in 2015.
“There is an advance in the recovery of the U.S. economy that has a very high correlation to jobs available for immigrants, and that has a very important impact on the amount of money they send to Mexico,” said Alfredo Coutino, Latin America director for Moody’s Analytics.
Alejandro Cervantes, an economist with Grupo Financiero Banorte, said remittances’ rise over oil reflects an economy that has diversified since the North American Free Trade Agreement took effect in 1994.
“Before NAFTA the flow of petroleum exports represented nearly 80 percent of the total dollar income for the Mexican economy,” Cervantes said, noting that today it is less than 20 percent. “The lesson is that the Mexican economy, on the whole, is no longer so dependent on oil.”
Manufacturing exports are currently Mexico’s No. 1 source of foreign income.
more recommended stories
Riviera Maya hotels prepare for the Atlantic Hurricane Season 2022
The Hotel Association of the Riviera.
Vila recognizes the effort and dedication of the teachers in Yucatan
“We Yucatecans are clear that what.
“Mérida Augmented Reality” live the experience tonight in La Noche Blanca
Mérida Interactive, Augmented Reality is the.
Man is sentenced to 20 years for raping his own daughter in Mérida, Yucatán
After being found criminally responsible for.
Earth will become one big Supercontinent again
Geoscientists say Earth will be home to one.
Atlantic Hurricane Season 2022 to start June 1st
Federal meteorologists are forecasting a record-shattering.
Switzerland has a high rate of gun ownership, but no mass shootings
Switzerland hasn’t had a mass shooting.
Two women arrested in Arizona in possession of 500 thousand fentanyl pills
Two women were arrested after about.
Seven migrants dead and 25 injured in a bus accident
Authorities in northern Mexico said Wednesday.
Solar Panel business in the US is suddenly in crisis
An ongoing Department of Commerce investigation.