Remittances Sent Home by Mexicans Living Abroad Rise To $20B

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Remittances sent home by Mexicans living abroad rose to US$20 billion in 2005, a 17 percent increase over the year before, the Bank of Mexico reported Tuesday.

Remittances climbed by more than US$5.3 billion in the fourth quarter of 2005 alone, the bank said. They totaled US$16.6 billion in 2004.

Remittances have been climbing steadily for years, surpassing the amount the country receives from tourism, which totaled US$10.7 billion in 2005.

The country’s top source of foreign income is oil, whose exports totaled US$31.7 billion in 2005. Approximately 11 million Mexican natives reside abroad, with 98 percent of that number residing in the United States.

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