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Remittances to Mexico drop 7.1 pct

MEXICO REMITTANCES | 04 de diciembre de 2012

The average sum per transaction was $299.80, a decline of 5.8 percent from the $318.20 that those living abroad sent to Mexico in October 2011. EFE/File

Mexico City, Dec 3 (EFE).- Mexico in October received nearly $1.78 billion in remittances, a drop of 7.1 percent compared with the same month in 2011, the country's central bank said Monday.

Accumulated remittances from January to October added up to $19.04 billion, a figure 0.9 percent lower than in the same period of 2011, Banco de Mexico said.

The average sum per transaction was $299.80, a decline of 5.8 percent from the $318.20 that those living abroad sent to Mexico in October 2011.

In all there were 5.9 million remittances last October, most of them sent through electronic transfers, a number slightly less than the 6 million transactions a year earlier.

Remittances from expatriates are Mexico's second-largest source of foreign exchange after oil exports and help cover living expenses for millions of households.

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

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