Mike Madriaga 9:30 a.m., Nov. 23
Mexico’s remittances down in August; up for year
Money sent back to Mexico by workers abroad dropped in August according to Mexico’s Central Bank, although numbers have been up for the year. According to MarketWatch.com, remittances in August of $1.9 billion U.S. dollars were 11.6% lower compared to 2011. The overall numbers for the first eight months of 2012 are still up, with $15.6 billion showing a 2.5% increase compared to the prior year.
Remittances to Mexico are the third biggest foreign income behind auto exports and oil production. Almost all of the remittances come from the United States at 95%. Remittances provide a larger foreign-exchange income for Mexico than the tourism industry.
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