Feb 3, 2012

Immigration and the Mexico Economy: Mexico sees 1st big remittances rebound since 2008

Editor's note: Statements such as this one--about Mexico's major sources of foreign income--always leave out the source that is likely the biggest or second biggest: "illegal" drug sales in the U.S.. Estimates for this range from $19 to $30 billion. It is impossible to know the amount, as it is part of the "informal economy" of Mexico, outside any system of government accounting.

BusinessWeek: "The amount of money Mexican migrant workers sent home in 2011 increased by 6.86 percent over the year before, the first major rebound in remittances since the 2008 economic downturn, Mexico's central bank announced. Remittances totaled just over $22.7 billion in 2011, up from $21.27 billion in 2010, the bank said Wednesday. ... Remittances are Mexico's second-largest source of foreign income after oil exports." read more

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