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The Associated Press April 28, 2010, 8:19PM ET

Mexico's remittances down 12 pct in 1st quarter

Mexico's central bank says the amount of money sent home by Mexicans working abroad dropped 12 percent in the first quarter of the year compared to 2009.

The Bank of Mexico says the country received $4.8 billion in remittances in the first three months of the year, compared to $5.5 billion during the same period in 2009.

Mexico's remittances have been falling for more than a year amid an economic crisis making it difficult for migrants to find jobs in the U.S. However, a statement from the bank Wednesday says the pace of the decline is slowing.

Remittances are Mexico's No. 2 source of foreign income after oil exports. Almost 12 million Mexicans live in the United States.

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