Record remittances of $28.7 billion in 2017

The total was up 6.6% due to fears over immigration and other issues

Fears over United States President Donald Trump’s policies on immigration and other themes drove remittances to an all-time high in 2017.

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Mexicans working abroad, principally in the United States, sent US $28.771 billion to Mexico, an increase of 6.6% over the 2016 figure of $26.993 billion, according to the Bank of México.

In December alone, remittances totaled $2.604 billion, up 11% over December 2016.

The majority of the remittances were made via electronic transfer, of which there were 93.42 million, an increase of 2% over the year before.

The average remittance amount was $308.

Economist Alejandro Cervantes of the financial services company Banorte said several factors influenced the increase in remittances, including Trump’s immigration rhetoric, the peso’s decline in value and high employment in the United States.

Cervantes explained that many consider the transfers as a form of savings, and sent more money home fearing deportation.

The state of Michoacán led in terms of remittance amounts at $2.915 billion. Jalisco was second with $2.797 billion, followed by Guanajuato with $2.559 billion.

Source: El Universal (sp)

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  • mae61274

    Trumps next move will be to tax this plus whatever he can rip off from tax payers

    • cooncats

      Yeah that’s why he pushed through tax cuts that are showing up in millions and millions of paychecks. Dooh!

      I wonder how much of this 28 billion paid any taxes at all? How much of it is from people in the U.S. illegally?

      Counting trade surplus, remittances, drugs, tourism over $100 billion flows from the U.S. to Mexico. Except for a much smaller surplus with Canada, Mexico runs deficits with all other trading partners. Just how smart is it to constantly insult the one customer you have who spends a lot more with you than you do with him?

      Not very.

      • Mike

        Billions will be going in a couple of pockets, thanks to you.
        Anyone who consumes anything in America pays some form of tax.
        More money travels underground America then goes over.

        • cooncats

          Just when I think your TDS has caused you to make the biggest fool of yourself you post again and show up as an even bigger fool.

          • Mac

            I didn’t realize I was in an disagreement with an 8th grader. Enjoy your extra $1.50 a week tax cut. Paul Ryan thinks your wonderful.

          • cooncats

            Even in the 8th grade I knew the difference between your and you’re and also I knew how to write a complete and correct sentence. It is so easy to spot a liberal these days, they can’t even write or spell the language correctly. Nitwit.

          • David Nichols

            Disappointment is a corrosive emotion Mac, but no excuse for repeating loonie leftie talking points instead of actually thinking…
            I am retired and my 401K is up 42% since Feb 1, 2017… Kinda nice after 8 years of stagnation at best and losing value at worst…
            BTW I am not a one percenter and neither are the millions of Americans who receive stock dividends from profitable corporations…
            You do know most corporations are publicly owned, right…?
            There is no evil rich guy pocketing all the profits, like Bernie tells you…
            You should try to educate yourself before displaying your ignorance of topics about which you know nothing…!

      • Mike S

        Coon, you do understand that the $1.4 trillion tax cut bill for the wealthy just signed by Trump is going on a credit card owned by the middle class. Trickle Down has never worked for the American Middle Class and it won’t work this time. I give it 2 to 3 years before the “sugar high” wears off and a major recession hits just like 2008. The red ink is flowing heavy during good economic times…wrong way to run an economy- except for the 1%.

        • cooncats

          It’s OK Mike we understand all those news reports of bonuses and raises being passed out because the tax bill got rid of the highest corporate tax rate in the world is driving all you lefties nuts, let alone the booming job market numbers. Drink some good Tequila and learn to enjoy the ride. America is back!

          • Mike S

            The de facto corporate tax rate in the US was 22% before this tax bill if you figure in all the loop holes. Obama offered to reduce the rate to 25% if Republicans would close all the loop holes and obstructionist McConnell would not even discuss it. What we have now is a 21% rate with most of the loop holes still in place and some new ones added- which probably makes the new de facto rate closer to 12%. This while Trump demands increased military spending and a “wall’ and hundreds of billion in “infrastructure” spending. This is “trickle down” on steroids and in the end will mostly benefit the 1% at the expense of the 99%. Job creation in 2017 was less than 2016 and these bonuses are exaggerated. GDP will remain under 3%.. Deficits are skyrocketing durning “good times”. Wage growth is still anemic. Enjoy you “sugar high” now because in a few years we are going to experience 2008 all over again.

          • cooncats

            That’s right. And if you were a little smarter you would understand the importance of low business taxes when you are competing against the Chinese and their 10 percent rate. If you were even brighter you would understand that in a world marketplace this tax is a tax on exports which means a tax on American jobs.

            If you were even brighter you’d understand that taxes on business are paid by the customers. The right way to tax is not to tax business but to tax individuals and close the loopholes there, plus tax any money leaving the country in the form of payments to individuals.

            But you ain’t very bright which is why you love Bernie Three House Sanders and the other socialist politicians who play guys like you as gold plated suckers.

            The direct and almost immediate reaction of bonuses, pay raises and job creation to this reform is driving you liberal geniuses nuts. Sorry about that. Better luck next time. NOT

          • Mike S

            Republicans claim corporations are individuals. The First World countries with the highest prosperity per capita all tax individuals and corporations. Chinese government owns and tightly controls most businesses so their “tax rate” is meaningless. Is the purpose of most corporations to give stock options and fabulous wealth to a few, or do they have an obligation to contribute to general well being, advertise their products honestly, provide safe good products, pay fair wages, & provide a safe work place- all without polluting? Your tax plan is moronic.

          • Mac

            Mike S, Try not to be so hard on cooncats. Its going to be hard to knock him down from all the excitement and realization that he is going to be saving $1.50 a week in earnings from the recent tax cut. Then when he discovers that he will be working until he dies because his Social Security and Medicare are gone he will cry like the little bitch he is.

          • cooncats

            I’m retired stupid but thanks for caring.

          • Bob

            My retirement annuity when up $183.00 per month from December 1st, 2017 to February 1st, 2018. That’s not chump change when your on a fixed income…..For common core math users that’s $2196.00 per year.

          • cooncats

            Do you have any idea how long the legal basis of corporations has been the same regardless of the party in power? Man you really are stupid.

  • WestCoastHwy

    These are excellent economic indicators. The only problem with full employment is inflation of which I don’t understand why there isn’t and why interest rates are still low. The only or best reasons would be the USA is sustaining it’s command of Global Economic Superiority (GES). Once or if the USA continues it’s isolation path, you all (yous for people from Brooklyn) will need to kiss your savings or investments goodbye. Removing borders will be the only Fiscal Policy left. We can’t sustain the USA economy selling each other insurance; someone is bound to get sick!

  • dpkraft

    How can there be so many sides to this story? I’m not a Republican but geez I wish the Demofrauds would at least pay attention instead of just taking the other side out of habit. If we’re ever coming together as one we need to at least agree to disagree.

  • BB

    Aarrgghh! Exactly what Americans don’t want to see. US money going to Mexico.

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