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Latino Daily News

Wednesday May 2, 2012

1st Quarter Remittances to Mexico Rise by 5.3% to $5.37 Billion

1st Quarter Remittances to Mexico Rise by 5.3% to $5.37 Billion

Photo: Remittances to Mexico Up 1st quarter 2012

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Remittances from Mexicans living abroad climbed 5.3 percent in the first quarter compared with the same period in 2011, Mexico’s central bank said Wednesday.

Expats sent a total of $5.37 billion home to Mexico in the first three months of the year, up from $5.1 billion a year earlier, according to figures compiled by Banco de Mexico.

The number of transactions also rose from the first quarter of 2011, climbing 7.3 percent to 16.8 million.

Remittances rose 16.4 percent last month from the level of March 2011, to $2.08 billion.

The median transfer in the first quarter was $318.41, down 1.94 percent compared with January-March last year.

Michoacan led Mexico’s 32 states in remittances in the first quarter with receipts of $538.4 million, followed by Guanajuato, $498.7 million; and Jalisco, $462 million.

Remittances are Mexico’s second-largest source of foreign exchange and help cover the living expenses of millions of households.

Most of the remittances are sent from the United States, where an estimated 12 million Mexicans live, about half of them undocumented migrants.