Thread: Mexico sees decline in migrant remittances

Mexico sees decline in migrant remittances
1 hour ago

MEXICO CITY (AP) — Half-year figures are expected to show the first sustained decline on record in remittances sent home by Mexicans working abroad, officials said.

The downturn in U.S. housing construction and stepped-up immigration raids have made it tougher for migrants to find jobs, and less able to send money home. Mexico's Central Bank is scheduled to release figures on the remittance flow on Wednesday.

Jesus Cervantes, director of economic measurement for Mexico's central bank, said remittances are expected to decline 1.5 percent to 2 percent for 2008 as a whole over the previous year.

Cervantes said that would be the first such sustained drop since a reliable tally has been kept.

Annual remittances nearly tripled from about US$9 billion in 2001 to almost US$24 billion in 2007, amid improved reporting methods and swelling immigration.

Businesses in many Mexican towns that came to rely on the cash flow are now being forced to scale back — also in part because of the decline of the U.S. dollar, which has lost almost 8 percent of its value against the Mexican peso this year.

Money sent home by Mexican migrants is the country's second-largest legal source of foreign income, after oil exports.

http://ap.google.com

Add to that the fact that the dollar is loosing value.
A year ago one dollar was worth 10.85 pesos. Now its worth 9.80 pesos.

Mexican Government forms of Income

1. Oil (Going down hill QUICKLY)
2. Migrant Remittances (Trending Downward)
3. Illegal Drugs (Trending Upward)
4. Exports (Food) NAFTA (Trending Upward)
5. Human Trafficking (Trending Upward)
6. Smuggling (Trending Upward)
7. Kidnapping / Ransom (Trending Upward)
8. Tourism (Going down hill QUICKLY)

Fortunately.... for all of the corrupt incomes above George Bush likes licking Mexican Boots and doesn't mind giving a boost to the South American economies at the expense of American Citizens

Money sent home by Mexican migrants is the country's second-largest legal source of foreign income, after oil exports.

Why isn't it being taxed? 90% tax is what is needed on this export of money to repay American for the illegal criminal aliens' debts

Not to worry...if amnesty is passed, all of the relatives of the IA's will be here post haste! WE will be supporting all of them...no more need for remittances! Problem solved!!!!

I am not a math wiz. Can someone explain how 12 million illegal, low wage workers manage to send home 24 BILLION dollars. We are told these hard workers pay taxes. If this is true, how can they afford to send this huge amount of money?
My calculator will not compute all the 00000000's. How much per worker does this amount to if we use the 12 million figure for illegal immigrants? Actually, I think the number of illegal workers is closer to 8.5 million, the others are wives, children, parents, brothers, sisters, cousins, aunts, uncles.....

Many immigrants here legally also send money home...that is part of the equation.

Texan123:

Ok that is the number taking care of their families in Mexico around 10 million. What about rest of the world? And what about the entire family concept to the United States?

If the economy keeps going downhill, dollar decreasing, many illegals will not be able to afford anything. Wonder how American citizens are going to survive, though?