Money wires from the United States to Mexico have reportedly hit their lowest levels in more than a decade.
From the Epoch Times:
According to numbers released this month from the Bank of Mexico (Banxico), income from remittances abroad stood at $5.2 billion in June, a 16.2 percent decrease compared to June 2024.
That represents the largest drop in 13 years, according to a report from BBVA, which conducts economic research.
Immigrants, legal and illegal, from Mexico have stopped wiring so much money out of the United States to Mexico. This could be due to deportation efforts, the chilling effect of ICE raids, or self-deportations.
And with a tiny increase in remittance taxes (1%) in January the number could drop even further.
The drop occurred after a decade of growth. Between 2013 and 2024, remittances to Mexico almost tripled from $23 billion to $64.7 billion, according to BBVA ...
New York immigration attorney Marina Shepelsky told The Epoch Times that illegal immigrants are lying low and have become more frugal, out of fear of being deported.
'I think a lot of people are saving money now in case they're deported, so they're not sending anything home,' Shepelsky said.
Yes, in 11 years the remittances - that's money earned in the US that goes right out of our economy and back to Mexico - have tripled. This recent drop is the first downward move since the Obama era.
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