| | |  Business News 
Mexico Registers 1st Remittance Increase Since '08
 Associated Press
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June 02, 2010
| | Remittances are Mexico's second-largest source of foreign income after oil exports. | |
Mexico City - The amount of money sent home by Mexicans living abroad increased slightly in April for the first time in 17 months.
The Bank of Mexico says remittances for the month reached $1.8 million, less than a 1 percent increase over April 2009. The bank says no increases had been reported since November 2008.
But it also noted in its report Tuesday that remittances from January to April this year dropped to $6.6 million, nearly 9 percent less than the same year-ago period.
Remittances are Mexico's second-largest source of foreign income after oil exports. Nearly all of the money comes from the U.S., where nearly 12 million Mexicans live.
The Inter-American Development Bank has said remittances to Latin American and the Caribbean could grow by 1 percent this year.
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