Remittances from the United States

rdf:langString Remittances from the United States

rdf:langString International money transfers made by migrant workers and immigrants sending a portion of their earnings to their families in their country of origin are known as remittances. Remittances are an important aspect of the global economy, totaling an estimated $601 billion (USD) for the year 2015. The United States is currently the largest source of international remittances in the world, sending a total of $148 billion in 2017. Mexico received the largest portion of these remittances, accounting for more than $30 billion USD. making the U.S.-Mexico remittance corridor one of the largest in the world. With the exception of the 2008 global financial crisis, remittances sent from the U.S. have been consistently climbing for the past half century. This major increase in remittances can be partially attributed to the larger population of immigrants and migrant workers, as well as to increasing globalization in the financial and money markets. China and India are also major recipients of U.S. remittances, and are the top two recipients of remittances globally. Remittances from the U.S. to Latin America have been on the decline in the 2000s and 2010s. While there was US$69.2 billion worth of remittances sent in 2008, that figure had fallen to US$58.9 billion for 2011. This pattern is a consequence of many components including the worldwide recession, more financial open doors in Latin American nations, and rising expenses charged by coyotes to carry migrants over the border.