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Mexican remittances plunge 20 percent in September

Friday, November 2, 2012

Remittances to Mexico from abroad fell by more than 20 percent in September compared with the same month of last year, a decline that experts said can be partly explained by the reduction in immigrant employment in the United States.

Nearly 11 percent of all Mexicans live abroad, most of them in the US, and the money they send home to family members is one of the country’s most important sources of foreign income.

Mexico's remittances for September stood at $1.7 billion, compared with $2.1 billion in September 2011.

Source: Los Angeles Times