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Tuesday, March 14, 2006

Remittances to Mexico

From The Economist:

It seems that a growing share of Mexicans emigrating to America come from Mexico City. In February the Bank of Mexico announced that the number of remittances to the capital from America had increased by a factor of seven in the past ten years. With so many immigrants crossing the border illegally, tracking remittances is one of the best ways to determine where they lived before heading north.

Mexico City’s economic growth has lagged behind that of the country as a whole, which could explain why emigration to America has increased. In 2005 the city received the second-most remittances in the country after Michoacán, a central-western state. (The capital received a whopping $479m in only three months of 2005.) The Bank’s announcement of the rise in remittances is the clearest sign yet that emigration patterns have changed dramatically in the past decade—no longer do most America-bound Mexicans come from a few regions in the country’s north.

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