Remittances to Mexico continue to increase

Remittances to Mexico, reach higher amounts from 1995, even with Trump’s restrictions. In this first semester of 2017, the remittances to Mexico have added 13,946,000,000 dollars and this represents an increase of approx. 5.9 percent with respect to the same period of 2016.

 

This has been the largest amount for the same period since 1995, which was the date on which the registration of these flows was initiated.

 

For its part, the Bank of Mexico (Banxico) has reported that in June 2017, Mexico received two 1.417 billion dollars for remittances, also a historical amount for that month, which means a 4.5 percent growth over June last year and its fourth annual-rate spike.

 

According to Grupo Financiero Banorte, the flow of family remittances to Mexico is explained mainly by immigration policy in the United States, as Mexican migrants without citizenship are probably discounting a greater probability of being deported.

 

According to information from the central bank in the first half of the year, 45.74 million operations were made, 1.9 percent more than in the same period of 2016, while the average amount per remittance was $305, with an increase of 3.9 percent at an annual rate.

 

It noted that in June of this year 7.7 million operations were carried out, with an increase of 1.0% compared to the same month of 2016, and an average amount per remittance of $311, higher in 3.3 percent to that of June last year.

 

In its monthly comparison, a number of remittances in June of this year (of two 1.417 billion dollars) recorded a 6.4% drop over the two $1.584 billion of last May.

 

The number of remittances in June receded 10.3 percent over May, while the average remittance amount grew 4 percent, after two months with falls. Notimex)

Shipments could reach $28.35 billion, according to the bank, which ruled out the possibility of applying a tax from the USA.

Remittances sent from the United States to Mexico reached about $27 billion in 2016 and it is estimated that at the end of 2017, increase by 5.0 percent, that is to say, $28.35 billion, according to a study by BBVA Bancomer and the National Population Council (CONAPO).

 

At the press conference, BBVA Bancomer’s chief economist, Carlos Serrano Herrera, recalled that Mexico is the second most immigrant country in the world, accounting for 12.3 million people, and the fourth in terms of receiving remittances.

 

During the presentation of the Migration and Remittance yearbook Mexico 2017, he noted that remittances account for more than three percent of gross domestic product (GDP) and in some states reaching up to 10 percent of State GDP.

 

The states that received the largest number of remittances were Michoacán, with 2.748 billion dollars; Jalisco, with $2.518 billion of dollars; Guanajuato, with 2.414 billion and the state of Mexico, with 1.606 billion.

 

Questioned about the possibility that, in the face of the commencement of the renegotiation of the North American Free Trade Agreement (NAFTA), a tax will be applied to the shipments of resources of Mexicans based in the United States, ruled that such a measure could be realized.

 

“It would be very complicated if there was an effective measure to put a tax on remittances because,” to be effective, it would have to be all over the world and if only in Mexico, it would be relatively easy to send the remittance to Canada and from there to Mexico or, Spain and Spain to Mexico, “he explained.

 

In addition, to apply a tax on remittances around the world, could interfere with the free flow of capital from the United States, it would be very difficult to apply to the United Kingdom or Canada that measure, especially because there is a very strong economic interaction.

 

Then, the expert added, although a tax could be imposed, other ways of sending remittances to Mexico would be found.

 

In his turn, the general secretary of the CONAPO, Patricia Chemor, highlighted the importance of the Yearbook that, jointly with BBVA Bancomer, carries out the institution in its position for the fifth consecutive year.

 

reported that from 2009 to 2014, “Guanajuato was the entity with the largest immigration;” Jalisco occupies the first place in terms of the returned entity between 2010 and 2015, while in 2016, Michoacán ranked first in relation to the repatriated population, as well as the reception of remittances.

 

Regarding the return population, it was estimated that between 2010 and 2015 returned to the country 443,000 Mexicans, a figure still below that recorded by the national population census in 2010.

 

Chemor Ruiz reiterated that in view of the dynamics of the population living in the country, the commitment of the current federal administration is and will be to support the people in return.

 

Hence the importance, he noted, to update the figures to know and act, as far as possible, in scenarios that help people find better living conditions in the country, where they live, where they return or transit.

 

According to the yearbook presented on Wednesday, between 2010 and 2015 the migrants who definitively returned to the country attended the states of Jalisco, Michoacán, Mexico, Baja California and Guanajuato.

 

Of these, 29 percent returned to rural communities, 17 to semi-urban and 54 percent to urban areas, plus 74 percent have fluctuating ages between 20 and 50 years, and 33 percent are women.

 

In addition, of that population returned, 47 percent are heads of households, 24 percent daughter or son, and 17 percent, wife or partner, while 62 percent live in a home of their own or their family and of these, 66 percent had it built or built.

 

 

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Remittances to Mexico continue to increase
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