(Human Events)—Money sent home by Mexican workers abroad dropped sharply in April, making this third straight monthly decline and raising concerns over a proposed US tax that could further reduce this vital income stream.
Data released by the Bank of Mexico this week shows that Mexican families received $4.76 billion in remittances in April—a $380 million drop from March’s total of $5.14 billion. Compared to April 2024, this is a 12.1 percent decrease, the largest year-over-year fall since September 2012, says Reuters.
Last year, remittances to Mexico totaled $64.7 billion, representing about 4 percent of the country’s gross domestic product.
President Claudia Sheinbaum addressed the issue during a news conference. “First, let’s do an analysis of why remittances fell these last three months. And second, we will insist on (the United States) not taxing remittances,” Sheinbaum said.
She announced that a diplomatic team would travel to Washington on Wednesday to press US lawmakers to remove the proposed 3.5 percent remittance tax from budget talks.
- Read More: humanevents.com
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