April: new record in remittance arrivals

The amount of the remittances that came to Colombia from abroad in the first four months of the year amounted to US$3.65 billion and rose 13.6% compared to the same period in 2023, when they totaled US$3,212 million, according to figures from the Exchange Balance of the Bank of the Republic.

Incidentally, this figure in the first four months of this year doubled the amount they reached in 2017, when the consolidated figure closed at US$1,710 million.

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According to figures from the Colombian central bank, The remittances that Colombian workers abroad send to their families in the country reached US$10,091 million and they set an absolute record and, in the process, began to compete with foreign direct investment.

The sending of resources from national workers, especially from United States, Spain, Chile, Mexico or the United Kingdomhas seen an increase due to a greater departure of Colombians after the pandemic.

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The statistics also allow us to see that in the first 121 days of 2024, involved the arrival of an average of US$30.1 million per day.

Remittances

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Likewise, a fact to highlight in the fourth month of the year was that with US$929 million, the highest historical volume was achieved in the arrival of these incomes, classified as the product of the export of Colombian labor.

(Read also: More than US$2 million in remittances have left Colombia for educational purposes).

The previous record in the arrival of remittances to Colombia had been in December 2023, with US$914.1 million due to seasonal effects, which is when the largest amount of said resources is supposed to arrive.

HOLMAN RODRÍGUEZ MARTÍNEZ
Portfolio Journalist