Reply #3: Well, I guess Mexicans have more job opportunities now. A lot of the [View All]

[Zorra]

Mexicans that left Mexico sent money home to mama and mama saved the money and bought the restaurant that employs some of the Mexican folks that did not move into those jobs vacated by the folks who left for the US.;-)

Migrant earnings sent home critical to Mexico
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According to figures released in mid-September by the Banco de México (BM), the nation’s central bank, remittances sent home by workers totaled US$6.135 billion for the first six months of 2003, an increase of 29.1 percent over the same period of 2002. Last year the remittances, that include funds sent by wire or bank transfers, checks, money orders and cash, reached an all-time high of US$9.81 billion. (Some analysts estimate that returning or visiting Mexicans carried an additional US$3 to US$4 billion home.)

At the bank-recorded levels, “family member remittances” are now greater than Mexico’s receipts from direct foreign investments and tourism. In other words, according to the central bank the only foreign income source greater than the expatriate remittances is revenue from crude oil exports.
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The report also states: “The recent evolution of family member remittances to Mexico forecasts that they will continue to grow in the midterm at an average annual rate of 9.8 percent between 2004 and 2010….” Ixe also anticipates a continuing demand for Mexican workers in the U.S.A. “As such, it does not appear that the number of Mexican migrants going to the U.S.A. will decrease significantly in the coming years, so the flow of dollars into Mexico by way of family member remittances will be more and more important.”

To further demonstrate just how important the remittances are, the analysts conclude: "Thus, by the end of 2010 family member remittances could equal receipts from crude oil exports."

http://www.mexidata.info/id60.html

Wily bunch, those Mexican folks.