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Latino Daily News

Friday January 3, 2014

Remittances to Mexico See 4.5 Percent Drop in 2012

Remittances to Mexico See 4.5 Percent Drop in 2012

Photo: Mexican economy

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Mexico received $19.8 billion in remittances from emigrants in the first 11 months of 2013, down 4.5 percent compared to the same period in 2012, the Bank of Mexico said Thursday.

Mexico received $20.73 billion in remittances during the January-November 2012 period, the central bank said.

Remittances totaled $1.693 billion in November 2013, up 0.05 percent from November 2012, when $1.692 billion in remittances flowed into the country.

This was the fourth consecutive month that the figure was positive, with a 13-month negative trend ending in August 2013.

The average remittance was $288 in November, down from the $300 average registered in November 2012, the central bank said, adding that the majority of the funds were received electronically.

Remittances totaled $22.44 billion in 2012 and analysts are forecasting a drop for 2013 and a rebound for this year.

Remittances sent by Mexicans living abroad, mainly in the United States, are the country’s second-largest source of foreign exchange, after oil, and help cover the living expenses of millions of people.

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