The United States establishes itself as the origin of remittances

During the first quarter of this year, the remittances that Colombians and other citizens send to the country totaled, according to figures from the Bank of the Republic, US$2,475 million, a figure that represented an increase of 34.2% compared to what had arrived in the same period of 2022.

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AND The United States, as it always has been, was the country where most of these resources came from, with US$1,326 million.but what is remarkable is that this figure represents an increase of 27.7% compared to the first quarter of 2022, when a total of US$1,038 million was sent from that destination, making it the country that grew the most in sending these resources.

Spain was the second issuing country in the January and March period, with a total of US$312 million, but it registered a drop of US$11 million in those resources, since in the first quarter of 2022 the figure had risen to US$323 million.

The good results recorded by the economies of the United States, Europe and Chile (the latter, which has been increasing its participation in sending these resources), are responsible for the good figures in remittances, which compete in volume with Foreign Direct Investment.

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The Banco de la República keeps track of the five main ones from where remittances arrive, but there are more than 70 from where they arrive.

In the first quarter of this year, US$1,326 million arrived from the United States, US$312 million from Spain, US$119 million from Chile, US$82 million from the United Kingdom, and US$6 million from Venezuela. The latter has shown a reactivation, after several years in which the figures fell to amounts that did not reach US$100,000 per month.

As mentioned, E.The United States was not only the main origin of remittances at the end of the first quarter, but also the one that registered the largest increasefollowed by the United Kingdom as it had an increase of 60.7%.

For their part, remittances from Spain registered a 3.4% drop and those from Chile decreased 6.2%.

With US$650 million at the end of the first quarter of the year, the department of Valle del Cauca consolidated itself as the largest recipient of remittances, representing 20% ​​of the national total.

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From the United States, US$295 million in money orders from workers arrived in that department in the first three months of the year.followed by those sent by those who live in Spain, with US$109 million, and then Chile as the destination country, with US$45.5 million.

Remittances worth US$45.3 million were sent from the United Kingdom.
From other countries they sent a total of US$154 million to Valle del Cauca in the first three months of this year.

The department of Cundinamarca is the second most important destination for these national work income from abroad, since between January and March US$468 million arrived.

US$265 million arrived from the United States, US$45 million from Spain, US$13 million from Chile, and US$10 million from the United Kingdom.

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US$450 million arrived in the department of Antioquia between last January and Marchof which US$42 million arrived from Spain, US$11 million from Chile and US$8 million from the United Kingdom.

Another important recipient of remittances, according to the statistics of the Bank of the Republic, is the department of Risaralda, which in the first quarter of the year received a total of US$118 million from all countries, of which US$62 million came from United States, US$28 million from Spain, US$7 million from Chile, US$4 million from the United Kingdom and likewise, US$160,000 from the neighboring country, Venezuela.

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