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Antioquia Remittances Growing Antioquia Remittances Growing Source: Fenalco Antioquia

Colombians Working Abroad Sent US$1.5 Billion to Families in Antioquia in 2021

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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.

Read 444 times Last modified on Last modified on June 03 2022

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Medellin Herald is a locally produced, English-language news and advisory service uniquely focused upon a more-mature audience of visitors, investors, conference and trade-show attendees, property buyers, expats, retirees, volunteers and nature lovers.

U.S. native Roberto Peckham, who founded Medellin Herald in 2015, has been residing in metro Medellin since 2005 and has traveled regularly and extensively throughout Colombia since 1981.

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