Remittances reach almost $27 billion
MEXICO CITY (AP):
The money sent home to Mexico by migrants living abroad rose to almost US$27 billion in 2016, the highest on record.
Remittances rose 8.8 per cent, from US$24.78 billion in 2015 to 26.97 billion in 2016.
Mexico's central bank said yesterday almost all the money was sent to Mexico by electronic transfers. About US$600 million continues to arrive in cash or by money orders.
Remittances have become Mexico's most important source of foreign income after manufacturing exports of almost US$34 billion per year.
Remittances have far surpassed the US$15.6 billion Mexico earns from oil exports and the US$17.5 billion in tourism income Mexico received in 2015.
US President Donald Trump has suggested the US might retain some remittances to pay for a wall between the countries, a project Mexico opposes.