Mexican Remittance Registers 6.9 Percent Decline In July

September 2, 2008 8:04 a.m. EST

Mexico City, Mexico (AHN) - The economic slowdown in the U.S. and the weakening of the dollar caused a 6.9 percent decline in the amount of remittances Mexican migrant workers sent back home in July.

Jesus Cervantes, director of economic measurement for the Mexican Central Bank, said the July remittance dip is the largest experienced by Mexico, which considers money sent by migrant workers overseas as the second biggest source of foreign money next to oil.

At least 20 percent of Mexican migrants are employed in the U.S. construction industry.

This is the second straight month the Mexican remittances slipped. In June, remittance went down 2.2 percent. The 6.9 percent drop is more than double previous forecast of Mexican remittances dipping by 3 percent this year.