1. Skip to navigation
  2. Skip to content
  3. Skip to secondary content

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

Click Here to Enlarge Photo

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.


There are no tags for this entry.