Remittances are funds sent by migrants to their home country.
After India, Mexico is the second-largest recipient country of remittances in the world. Most of that money is sent by Mexicans in the United States. About 40% of it is sent in cash.
Mexico’s central bank reported that in 2024, the country received $64.7 billion in remittances, a record amount. That sum accounted for nearly 4.7% of Mexico’s gross domestic product.
That explains in part why the Mexican government so fiercely defends keeping Mexicans in the United States.
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