Weekly Report - 12 April 2005

MEXICO | Remittances still growing fast. Remittances by Mexican expatriates in the first two months of the year reached US$2.53bn, or 25.2% more than in the same period of last year. In 2004 remittances totalled US$16.6bn, a monthly average of US$1.38bn - though it must be kept in mind that remittances tend to peak towards the end of the year. Since 2003 remittances have been Mexico's second-biggest source of hard currency, after oil exports and ahead of foreign direct investment. The government has projected for this year as a whole that remittances will reach US$17bn, but if the performance so far holds, this could be exceeded.