Mexican Migrants Send More Foreign Funds Than Made From Sale Of Oil In Mexico

Mexican Migrants Send More Foreign Funds Than Made From Sale Of Oil In Mexico

Money sent home by Mexican migrant workers employed in different capacities across the States seems to be more than what Mexico can make from selling oil. The state oil company, Pemex, has made only $8.6 billion in exports. This is compared to the $10 billion the Mexicans send home to their relatives in Mexico.  Mexicans in their home country badly need the money to provide for their basic needs like food, and education.

From January to March 2015, Mexican migrants have sent as much as $5.7 billion to their counterparts back in Mexico. The month of May recorded a $2.2 billion remittance being made to Mexicans stationed in Mexico. This was 2.4 per cent more than what was recorded last year for the same month.

All this assumes significance as US Senator Donald Trump calls Mexican migrants in the US criminals. Back home, they are revered as heroes who work for their relatives' welfare while in the US.

Money is transferred using popular services as the Western Union. There is a steady  rise in the dollars coming into Mexico, as recorded by the Bank of Mexico. The economy of Mexico doesn't depend on remittances by its nationals stationed abroad. They make up just 3 per cent of the economy. But for many in states of Mexico like Hidalgo and Oaxaca, this money is the only source of income.

The US seems to be the favourite among Mexicans for sending home remittances,  although they are known to send money from places in Canada and Europe too. The US is popularly known as 'El Norte' or 'the North'. The Mexican population in the US has a headcount of about 11 million . There are farm labors, workers employed for work in construction-sites and restaurants. There are others employed in professional positions, while some own their own businesses too.

 

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