Mexico's remittances reach record $26.9 billion in 2016

MEXICO CITY – The money sent home to Mexico by migrants living abroad rose to almost $27 billion in 2016, the highest on record.

Remittances rose 8.8 percent, from $24.78 billion in 2015 to 26.97 billion in 2016.

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Mexico's central bank said Wednesday almost all the money was sent to Mexico by electronic transfers. About $600 million continues to arrive in cash or by money orders.

Remittances have become Mexico's most important source of foreign income after manufacturing exports of almost $34 billion per year.

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Remittances have far surpassed the $15.6 billion Mexico earns from oil exports and the $17.5 billion in tourism income Mexico received in 2015.

U.S. President Donald Trump has suggested the U.S. might retain some remittances to pay for a wall between the countries, a project Mexico opposes.