Forbes: Remittances Supersede Oil as Mexico's Main Source of Foreign Income Jason Devaney - Newsmax
go to original May 17, 2016

The money Mexican workers send home from the United States is Mexico's top source of foreign income and represents more than twice the value of crude oil exports, according to a new report.

A Forbes story quotes José Alfredo Coutiño, Moody's Director for Latin America, as saying the remittances — which have come under fire by presumptive Republican presidential nominee Donald Trump — account for a lot of money in Mexico.

"Remittances surpassed crude oil revenues for the first time in history in December of 2014," Coutiño told Forbes. "Since then, remittances have continued to increase even to the point of representing more than twice the value of crude oil exports since December of 2015."

In the first quarter of 2016, $6.2 billion worth of remittances was sent to Mexico. During that same time frame, Mexico pulled in $2.6 billion in oil exports revenue.

Read the rest at Newsmax

Related: Trump Is After Mexico's Second Source of Foreign Income (teleSUR)

Related: Mexican Remittances Grow at Strong Pace, Fueled by Donald Trump (Institutional Investor)

Related: Remittances to Mexico Surge 8.6% in Q1 (Latin American Herald Tribune)

Photo: The Los Angeles Times

We invite you to add your charity or supporting organizations' news stories and coming events to PVAngels so we can share them with the world. Do it now!