Remittances from Spain and Chile fell and remittances from the United States rose.

During the first quarter of this year, the total remittances sent by Colombians and other citizens to the country, according to figures released by the Bank of the Republic, amounted to 2,475 million US dollars, This is a figure that represents an increase of 34.2% compared to what it reached in the same period in 2022.

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And The United States was, as ever, the country from which most of these resources came, with a value of US$1,326 million.Remarkably, however, 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 with the highest growth in sending such resources.

Spain was the second exporter in the January-March period, with $312 million in total, but it recorded a decrease of $11 million in those resources, with the figure rising in the first quarter of 2022 to $323 million.

Good results recorded by the economies of the United States, Europe and Chile (the latter, which has increased its participation in sending these resources), is responsible for the good numbers 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 diversions that arrive from, but there are more than 70 from where they arrive.

In the first quarter of this year, 1,326 million US dollars arrived from the United States, 312 million US dollars from Spain, 119 million US dollars from Chile, 82 million US dollars from the United Kingdom, and 6 million US dollars from Venezuela . The latter has shown a resurgence, after several years in which the numbers fell to amounts of less than $100,000 per month.

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As we mentioned, E.Not only was the United States the leading source of remittances at the end of the first quarter, but it was also the source with the largest increaseIt is followed by the United Kingdom, which recorded an increase of 60.7%.

For their part, remittances from Spain recorded a decrease of 3.4%, while remittances from Chile decreased by 6.2%.

With US$650 million at the end of the first quarter of the year, the Valle del Cauca administration has consolidated itself as the largest recipient of remittances, accounting for 20% of the national total.

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

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

Transfers

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The Department of Cundinamarca is the second most important destination for national labor income from abroad, Since January-March it has reached 468 million US dollars.

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

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US$450 million reached the province of Antioquia between 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 Bank of the Republic statistics, is the Risaralda administration, which in the first quarter of the year received a total of $118 million from all countries, of which $62 million was from the United States. States, $28 million from Spain, $7 million from Chile, $4 million from the United Kingdom, and similarly $160,000 from the neighboring country, Venezuela.

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