Monday, November 18, 2013
Remittances to Spanish-speaking Latin American countries overall have recovered from a decline during the recent recession, with the notable exception of Mexico, according to World Bank data analyzed by the Pew Research Center. Migrants’ remittances to Mexico, an estimated $22 billion in 2013, are 29% below their 2006 peak. For all other Spanish-speaking Latin American nations overall, the 2013 estimate of $31.8 billion slightly surpasses the 2008 peak. Remittances from all sources to Spanish-speaking Latin American countries have more than doubled since 2000 but remain below their peak in 2007, the year in which the U.S. Great Recession began. The 2013 estimated total ($53.8 billion) is 13% below 2007’s $61.6 billion (in 2013 U.S. dollars). The United States is the most important source of money sent home by migrants to the 17 Latin American nations as a group (including Mexico) that are the focus of this report. U.S. remittances accounted for three-quarters of the total in 2012—$41 billion out of $52.9 billion, according to World Bank data.