The Bank of Mexico reveals that remittances in the first six months of 2014 were US$11.6 billion.
Dollar remittances sent from abroad to Mexico are growing. In the first six months of 2014, these remittances grew by 7.3 percent, said the state owned Bank of Mexico in a declaration on Friday.
The bank reported that in this period Mexico received US$11.6 billion compared to the US$10.8 billion received in the same period last year.
The average remittance sent to México in this period was a little down on the average recorded in the same period last year at US$294.49, down from US$295.39 dollars.
Remittances, which are mainly from Mexican undocumented migrants in the United States, after oil, are the main source of income in Mexico.
Mexican states which recieved the greatest number of remittances were Michoacan and Guanajuato, both in the central area of the country. The state with the least was Baja California Sur, in the north west of the country and Campeche in the south east.
The majority of the transactions were done by electronic transfers, which represented an increase of 7.63 percent compared to January-June 2013.
Last year, remittances amounted to US$21.8 billion, 3.8 percent below the level recorded in 2012.
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Remittances amount to more than four times the aid and almost three times the foreign direct investment that Central America receives.
The $14.9 billion in remittances that Central America netted in 2013 also represents a big chunk of gross domestic product — well over 10 percent in Guatemala and El Salvador, and 18 percent in Honduras — that outstrips tax revenue.
To put that in perspective, however, neither those amounts nor proportions of GDP make the top 10 of remittance recipients (At the apex, China took in $71 billion, and Tajikistan relied on remittances for 48 percent of GDP).
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