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Remittances to Mexico fell by nearly 13 percent

Remittances from Mexicans abroad fell from 12.88 percent during the first eight months of 2009, reported the Bank of Mexico. In an environment

economic contraction has resulted in a steady downward trend in shipping, almost entirely from the United States between January and August, remittances amounted to 14 thousand 692 million dollars.

During the same period last year the figure was 16 000 864, according to statistics from the financial institution.

The Bank warned in August alone, shipments totaled 780 million billion dollars, a drop of 15.12 percent over the same month in 2008.

Remittances maintain a downward trend, which affects greatly to Mexico because it is the second largest source of foreign exchange to the country after oil experts warn.

Experts of the Central Bank noted that the behavior of items is explained by the contraction in the U.S. economy and, especially, in the construction sector, which works a large number of Mexican immigrants.

Official sources confirm that reside in the neighboring country almost 12 million citizens.