The central bank reported Tuesday that money sent home by Mexicans overseas hit nearly $24.8 billion last year, overtaking oil revenues for the first time as a source of foreign income.
Remittances were up 4.75 percent from 2014 when they totaled $23.6 billion, the Bank of Mexico said. They had never before surpassed petroleum since the Bank of Mexico began tracking them in 1995.
Analysts pointed to slumping global prices for oil, which earned Mexico $23.4 billion in 2015, and improved economic conditions in the United States, home to more than 11 million Mexicans and the source of nearly all Mexico's remittances.
"There is an advance in the recovery of the...