Mexican remittances fall 10 percent in 2013
MEXICO CITY (AP) — The amount of money sent home by Mexican migrants working abroad fell by almost 10 percent in the first six months of 2013.
Mexico’s central bank says remittances fell 9.7 percent to $10.7 billion, as compared to $11.9 billion in the same period of 2012.
The bank report released Thursday marks a full year of consecutive declines. Remittances peaked at about $27 billion in 2007, then declined by about 15.5 percent between 2008 and 2009 before beginning a slow recovery in 2010.
Experts attribute the decline to continued weakness in economic sectors that employ migrants in the United States, where most Mexican expats reside.
Remittances represent about 2 percent of Mexico’s GDP.