{"id":62072,"date":"2024-08-27T09:33:23","date_gmt":"2024-08-27T14:33:23","guid":{"rendered":"https:\/\/mascolombia.com\/remittances-to-colombia-continue-to-grow-over-usd-6-billion-entered-the-country-between-january-and-july\/"},"modified":"2024-08-29T09:33:57","modified_gmt":"2024-08-29T14:33:57","slug":"remittances-to-colombia-continue-to-grow-over-usd-6-billion-entered-the-country-between-january-and-july","status":"publish","type":"post","link":"https:\/\/mascolombia.com\/en\/remittances-to-colombia-continue-to-grow-over-usd-6-billion-entered-the-country-between-january-and-july\/","title":{"rendered":"Remittances to Colombia continue to grow: over USD $6 billion entered the country between January and July"},"content":{"rendered":"\n<p>Remittances to Colombia soared in recent months. According to <a href=\"https:\/\/www.banrep.gov.co\/es\/estadisticas\/remesas\" rel=\"nofollow noopener\" target=\"_blank\">Banco de la Rep\u00fablica<\/a>, transactions entering Colombia from abroad increased significantly in the first 7 months of the year with respect to 2023.<\/p>\n\n<p>Figures from the Bank confirm that during the first seven months of the year, Colombia exceeded US$6,628.50 million in remittances, which translates into a 1.6% increase compared to remittances received during the same period in 2023.<\/p>\n\n<p>Remittances to Colombia totaling US$1,006.4 million were received in July alone, an increase of 32% over the previous year. This is the second highest amount since 2000 and the second highest so far this year, following closely behind June, when US$1,017.2 million in remittances were received.<\/p>\n\n<p>According to Banco de Bogot\u00e1, this increase in remittances to Colombia is a consequence of \u201cthe improvement in the economic activity of remittance sending countries and the increase in the outflow of Colombians\u201d.<\/p>\n\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"es\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Gr%C3%A1ficaDelD%C3%ADaBdB?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Gr\u00e1ficaDelD\u00edaBdB<\/a> \ud83d\udcb8 La entrada de remesas registr\u00f3 un avance anual de 32% en julio al totalizar en USD1,006 M, el segundo nivel m\u00e1s alto desde el 2000, a ra\u00edz de la mejora en la actividad econ\u00f3mica de los pa\u00edses de donde provienen las remesas y la mayor salida de colombianos. <a href=\"https:\/\/t.co\/91SinjcGiw\">pic.twitter.com\/91SinjcGiw<\/a><\/p>&mdash; Investigaciones BdB\ud83e\udd48\ud83e\udd48\ud83e\udd48\ud83e\udd49 (@IEBancodeBogota) <a href=\"https:\/\/twitter.com\/IEBancodeBogota\/status\/1828154820542472542?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">August 26, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n\n<p>You may also read: <a href=\"https:\/\/mascolombia.com\/en\/fta-with-the-european-union-more-exporters-but-stagnant-trade-and-little-diversification\/\"><strong>FTA with the European Union: more exporters, but stagnant trade and little diversification<\/strong><\/a><\/p>\n\n<h2 class=\"wp-block-heading\">Colombian migration increases, remittances to Colombia rise<\/h2>\n\n<p>The increase in Colombians migrating abroad and better economic conditions in countries such as the United States and some European countries have contributed to the increase in remittances this year.<\/p>\n\n<p>According to estimates by Banco de Bogot\u00e1\u2019s research group, around 1.2 million Colombians migrated between 2021 and 2023, a time when the world economy grew by an average of 4.3% after having suffered a 2.8% drop in 2020.<\/p>\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/mascolombia.com\/wp-content\/uploads\/2024\/06\/donde-encontrar-tiquetes-baratos-1-1024x683.jpg\" alt=\"migration, travel, remittances to Colombia, M&#xE1;s Colombia\" class=\"wp-image-56435\" title=\"\" srcset=\"https:\/\/mascolombia.com\/wp-content\/uploads\/2024\/06\/donde-encontrar-tiquetes-baratos-1-1024x683.jpg 1024w, https:\/\/mascolombia.com\/wp-content\/uploads\/2024\/06\/donde-encontrar-tiquetes-baratos-1-300x200.jpg 300w, https:\/\/mascolombia.com\/wp-content\/uploads\/2024\/06\/donde-encontrar-tiquetes-baratos-1-768x512.jpg 768w, https:\/\/mascolombia.com\/wp-content\/uploads\/2024\/06\/donde-encontrar-tiquetes-baratos-1.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">  <\/figcaption><\/figure>\n\n<p>During this period, the United States implemented less stringent immigration policies, which allowed Colombians in the United States to enjoy better economic conditions and, therefore, to send more remittances to their families in Colombia.<\/p>\n\n<p>This increase in remittances to Colombia had a positive impact on recipient households in the country. According to the Banco de Bogot\u00e1 report, in recent months, remittances have become an important source of income for households.<\/p>\n\n<p>In addition, remittances to Colombia also helped to keep the exchange rate stable and placed remittances as the second largest generator of money flows in dollars, after oil (US$15.6 billion) and even above coal (US$9.2 billion).<\/p>\n\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"es\" dir=\"ltr\">Cifra del d\u00eda:<br><br> \ud83d\udccaEntre enero y julio de 2024,  \ud83c\udde8\ud83c\uddf4 recibi\u00f3 US$6.633 millones en remesas, un 17,7% m\u00e1s que en el mismo periodo de 2023. <br><br>\ud83d\udd0eSolo en julio, ingresaron US$1.006 millones, un crecimiento del 32,1% respecto a julio del a\u00f1o pasado. <a href=\"https:\/\/t.co\/kSxeoMfJrP\">pic.twitter.com\/kSxeoMfJrP<\/a><\/p>&mdash; MinHacienda (@MinHacienda) <a href=\"https:\/\/twitter.com\/MinHacienda\/status\/1828207043439743259?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">August 26, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/mascolombia.com\/wp-content\/uploads\/2024\/01\/remesas-a-colombia-en-aumento-1024x683.jpg\" alt=\"remittances, remittances to colombia, money, M&#xE1;s Colombia\" class=\"wp-image-41185\" title=\"\" srcset=\"https:\/\/mascolombia.com\/wp-content\/uploads\/2024\/01\/remesas-a-colombia-en-aumento-1024x683.jpg 1024w, https:\/\/mascolombia.com\/wp-content\/uploads\/2024\/01\/remesas-a-colombia-en-aumento-300x200.jpg 300w, https:\/\/mascolombia.com\/wp-content\/uploads\/2024\/01\/remesas-a-colombia-en-aumento-768x512.jpg 768w, https:\/\/mascolombia.com\/wp-content\/uploads\/2024\/01\/remesas-a-colombia-en-aumento.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">  <\/figcaption><\/figure>\n\n<p>You may also read: <a href=\"https:\/\/mascolombia.com\/en\/trade-war-between-the-u-s-and-china-with-no-end-in-sight\/\"><strong>Trade war between the U.S. and China with no end in sight<\/strong><\/a><\/p>\n\n<h2 class=\"wp-block-heading\">The weight of remittances in the Colombian economy<\/h2>\n\n<p>According to data from the entity\u2019s economic team, the proportion of remittances in relation to Colombia\u2019s GDP increased from 1.1% in 2014 to 2.8% in 2023, the highest figure in this century.<\/p>\n\n<p>Despite the increase in remittances to Colombia in recent months, the receipt of these economic transactions from abroad remains well below other Latin American countries.<\/p>\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/mascolombia.com\/wp-content\/uploads\/2023\/02\/pib-de-colombia-en-2022-crecio-pero-fue-menor-que-el-de-2021-1024x683.jpg\" alt=\"The trade war is also technological\" class=\"wp-image-16135\" title=\"\" srcset=\"https:\/\/mascolombia.com\/wp-content\/uploads\/2023\/02\/pib-de-colombia-en-2022-crecio-pero-fue-menor-que-el-de-2021-1024x683.jpg 1024w, https:\/\/mascolombia.com\/wp-content\/uploads\/2023\/02\/pib-de-colombia-en-2022-crecio-pero-fue-menor-que-el-de-2021-300x200.jpg 300w, https:\/\/mascolombia.com\/wp-content\/uploads\/2023\/02\/pib-de-colombia-en-2022-crecio-pero-fue-menor-que-el-de-2021-768x512.jpg 768w, https:\/\/mascolombia.com\/wp-content\/uploads\/2023\/02\/pib-de-colombia-en-2022-crecio-pero-fue-menor-que-el-de-2021.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">  <\/figcaption><\/figure>\n\n<p>In Central American and Caribbean countries, remittances have become a key economic driver. In Jamaica, Haiti, Honduras and El Salvador, the receipt of remittances can represent between 20% and 23% of GDP.<\/p>\n\n<p>Thus, although remittances have acquired great importance for Colombian households, becoming a vastly important additional source of income, their role in the national economy remains small.<\/p>\n\n<p>Reports from Banco de Bogot\u00e1 highlight the potential of remittances in the country\u2019s economy and foresee a sustained increase in the receipt of these international remittances.<\/p>\n\n<blockquote class=\"wp-embedded-content\" data-secret=\"RsOICVqJ20\"><a href=\"https:\/\/mascolombia.com\/en\/tax-reform-these-are-the-points-that-msmes-are-asking-the-government-to-address\/\">Tax reform: these are the points that MSMEs are asking the government to address<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Tax reform: these are the points that MSMEs are asking the government to address&#8221; &#8212; M\u00e1s Colombia\" src=\"https:\/\/mascolombia.com\/en\/tax-reform-these-are-the-points-that-msmes-are-asking-the-government-to-address\/embed\/#?secret=Lpp0dczm2G#?secret=RsOICVqJ20\" data-secret=\"RsOICVqJ20\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n","protected":false},"excerpt":{"rendered":"<p>Remittances to Colombia reached significant figures in the last 7 months. This increase in international transactions positively impacted the country\u2019s economy and consolidated remittances as a key additional income for Colombian households.<\/p>\n","protected":false},"author":1,"featured_media":61849,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rank_math_focus_keyword":"remittances to colombia","rank_math_title":"","rank_math_description":"","rank_math_primary_category":"767","footnotes":""},"categories":[767,751],"tags":[1281],"mc_distribution":[686,989],"class_list":["post-62072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","category-colombian-exports","tag-articulo-en","mc_distribution-colombianos-en-el-exterior","mc_distribution-suscriptores-generales"],"acf":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/mascolombia.com\/en\/wp-json\/wp\/v2\/posts\/62072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mascolombia.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mascolombia.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mascolombia.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mascolombia.com\/en\/wp-json\/wp\/v2\/comments?post=62072"}],"version-history":[{"count":0,"href":"https:\/\/mascolombia.com\/en\/wp-json\/wp\/v2\/posts\/62072\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mascolombia.com\/en\/wp-json\/wp\/v2\/media\/61849"}],"wp:attachment":[{"href":"https:\/\/mascolombia.com\/en\/wp-json\/wp\/v2\/media?parent=62072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mascolombia.com\/en\/wp-json\/wp\/v2\/categories?post=62072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mascolombia.com\/en\/wp-json\/wp\/v2\/tags?post=62072"},{"taxonomy":"mc_distribution","embeddable":true,"href":"https:\/\/mascolombia.com\/en\/wp-json\/wp\/v2\/mc_distribution?post=62072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}