Mexico: Remittances rise for second month in a row
January 3, 2011
In November, remittances from workers abroad reached a total of USD 1.62 billion, which represented an 8.6% increase over the same month last year. The figure matched market expectations, despite coming in below October's USD 1.73 billion. Remittances, mostly from migrant workers in the United States, represent Mexico's second most important source of foreign revenue after oil exports. Moreover, remittances represent an important source of income for many Mexican families and, as a result, the feeble recovery in remittances will likely become a drag for private consumption in the months ahead.