Mexico’s remittances set new record in 2016

Mexico’s remittances set new record in 2016

Remittances Mexicans living abroad sent home totaled US$ 26.97 billion in 2016, the highest yearly ever, the central bank reported. The figure is 8.8% higher than the US$ 24.78 billion nationals sent in 2015. 

Most money was sent by electronic transfers, though 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 auto exports of almost US$ 34 billion per year and have far surpassed the US$ 15.6 billion Mexico earns from oil exports and the $17.5 billion in tourism income Mexico received in 2015.

The Mexican peso lost 19 percent in value against the dollar in 2016.