Remittances fall in April on weak labor demand in Spain, US

- Wednesday, July 27, 2011

Remittances fall in April on weak labor demand in Spain, US

Remittances to Honduras fell 0.9% year-on-year in April on weak labor demand in the US and Spain, according to the latest figures from central bank BCH, quoted by local newspaper El Heraldo.

The flows of money from Hondurans working abroad amounted to US$316mn in April, bringing the total figure for the first four months of the year to US$1.32bn. This amount is 7.78% more than the total for January-April 2010, suggesting a sharp deceleration of flows toward the end of the period.

In 1Q11, Spain was the largest source of remittances, providing US$338mn to the families of Honduran migrant workers. It was followed by the US with US$321mn and Venezuela with US$122mn.

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Remittances from Venezuela grew at the fastest pace by far, nearly doubling in 1Q11 from the first quarter of last year.