Ecuador: so far 2013 remittances from abroad continue downward spiral

Quito, August 5 (Andes).- In the first quarter of 2013, Ecuador’s income reported as remittances from migrant workers around the world continues to decline, reported Ecuador’s Central Bank. This trend is supported by the decline in remittances sent from Spain since 2011.

In the period analyze, Ecuador received USD $547.26 million from Ecuadorian migrants all over the world. In the first quarter of 2012 USD $595.78 million had come in and USD $656.15 million entered over the same period in 2011.

The United States was the main place of origin of remittances early this year, with USD $255.89 million; in 2012 it was USD $276.87 million and in 2011 it was USD $264.74 million from that country alone.

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Spain was the second country of origin of remittances from Ecuadorian migrants with USD $183.79 million; USD $206 million in 2012 and USD $274.8 million in 2011.

Italy was the third country of origin and USD $42.46 million were received between January and March of 2013; USD $46.37 million in 2012 and USD $59.94 million in 2011.

Guayas is the province that received the most remittances from Ecuadorian migrants with USD $173.15 million, followed by Azuay with USD $112.47 million and Pichincha with USD $77.94 million. Read Article