Mexicans remit less due to slow US economy

MEXICO CITY - Mexico's central bank says remittances from Mexicans working abroad fell 2.6 percent in the first five months of 2008.

The bank say remittances were US$9.5 million between January and May, compared to US$9.7 million during the same period last year. In May, they were US$2.2 million, a 3.4 percent drop from the same month last year.

The central bank has blamed the drop on the slowing U.S. economy and a crackdown on illegal immigration.

Remittances are Mexico's second largest source of foreign income, next to oil exports.

Nearly all of it comes from the United States, home to 98 percent of Mexicans living abroad. At least 11 million Mexicans live in the United States. Officials estimate 500,000 enter the U.S. each year. - AP

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