Remittances to Mexico fall in November 2012

The country received $1.69 billion, down 5.1 percent from the same month in 2011

MEXICO.- Mexico received $1.69 billion in remittances in November, down 5.1 percent from the same month in 2011, the central bank said Wednesday.

Remittances for the first 11 months of 2012 totaled $20.74 billion, a decline of 1.3 percent from the January-November period of the previous year, the Banco de Mexico said.

The median amount per remittance in November 2012 was $299.98, off from $325.42 the year before.

Video: Remittance to Mexico

Remittances from expatriates are Mexico's second-largest source of foreign exchange after oil exports and help cover living expenses for millions of households.

Most of the money is sent from the United States, where an estimated 12 million Mexicans live, about half of them undocumented migrants.

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