Colombians Working Abroad Sent US$1.5 Billion to Families in Antioquia in 2021
A new report just issued by Medellin-based retail trade group Fenalco Antioquia finds that Colombians working abroad — mainly in the U.S. and Europe — sent a record US$1.52 billion back to their families here during 2021, boosting the post-Covid-pandemic economic recovery.
Citing statistics from Colombia’s Banco de la Republica, Fenalco found that Antioquians here not only received a record-setting US$1.52 billion in “remesas” (foreign transfers from family members abroad) for the entire year 2021, but that fourth quarter (4Q) 2021 remittances hit a new quarterly high of US$412.8 million, up 26% year-on-year.
“The record in remittances is explained by the global economic recovery,” according to Fenalco.
Not only did Medellin and Antioquia benefit from these foreign transfers, but Colombian families nationwide netted a record US$8.6 billion in total remittances last year, according to the report.
The largest beneficiaries were the departments of Valle del Cauca (first), Antioquia (second) and Cundinamarca (third), accounting for 61% of total national remittances, or US$5.26 billion.
In Colombian peso terms, the value of those dollar remittances to Antioquian families alone topped COP$5.68 trillion, the study shows – a big boost to the local economy.
