Figures, facts and trends that your world
Remittances to several Latin American countries with strong links to migrants in the United States fell sharply in the first part of 2020, meaning, in April, when much of the United States was blocked due to the COVID-19 epidemic, according to research by Pew.Knowledge research center of its national central banks.
In the six countries included in the research, Colombia, El Salvador, Guatemala, Honduras and Mexico, the Dominican Republic and Mexico, remittances declined by 17% (or $981.2 million) in April 2020 than in April 2019.States, for the vast majority of their remittances. These countries are also home to about 8 out of ten of the 20 million Latino immigrants living in the United States.
Some Latin American countries have been more affected than others by falling remittances or cash sent through migrants to their home countries this spring.El Salvador recorded a 40.0% drop in remittances in April 2020 compared to April 2019, the largest drop among countries of origin.Six countries analyzed. Remittances to Colombia decreased by 38.5% in this period, the time of greatest decline.
To read about adjustments to monthly remittances for the economic recession caused by the COVID-19 pandemic, this research uses the knowledge of central banks in Bangladesh, Colombia, the Dominican Republic, El Salvador, Guatemala, Honduras, Mexico and the Philippines.uses global estimates of global bank remittance flows.
Estimates of a country’s migrant population (excluding the United States) are derived from the United Nations publication “International Migrant Stock: The 2019 revision”, notified on 3 August 2020.Knowledge of the community survey.
The UN uses a taxonomy of nations and territories and classifies migrants born in territories and living as foreign migrants, even if their citizenship is different from their territory of birth. For example, the UN knowledge counts other people born in Puerto Rico, a Commonwealth of the United States, as foreign migrants, even if they are US citizens by birth. For this reason, some UN estimates of the foreign-born population presented here may differ from other estimates published through the US Census Bureau or the Pew Research Center.
Mexico experienced the smallest drop in remittances between the six countries in April, with 2.6%.In March, the country earned $4 billion, a record for Mexico, 35% more than last year.favourable exchange rate between the Mexican peso and the US dollar; an increase in the number of individual remittances (including cable transfers and mandates); and an accrual in the average amount sent in each payment transaction.
In general, remittances in the first six months of 2020 remain below 2019 grades in 4 of the six countries: Colombia, El Salvador, Guatemala and Honduras.El Salvador recorded the largest decline in this era (-8.0%), followed by Colombia (-5.3%) Honduras (-4.2%).The countries of the Northern Triangle, El Salvador, Guatemala and Honduras, all experienced their biggest percentage drop in remittances during the first part of each year since 2009, the Great Recession, although remittances generally last year remain well above 2009 grades.By contrast, Mexico and the Dominican Republic won more remittances in the first six months of 2020 than at the same time in 2019, 10.6% and 0.5% more, respectively.
Data on remittances from countries in other regions also recommend a decrease in the first six months of 2020, as well as symptoms of an uptick.For example, remittances to the Philippines and Bangladesh, two countries among the world’s top foreign migrants, declined to 4.2% and 1.4%, respectively, compared to 2019, with sharp falls in April, but monthly remittances to both countries rebounded in June.
The fall in remittances in the first part of 2020 follows a record year in 2019.Global remittances reached a new high of $714 billion in 2019, according to the World Bank.The six Latin American countries studied in this research obtained record remittances in 2019 and grossed $71.5 billion last year.These top titles continued in early 2020, with remittances in January and February surpassing 2019 totals in the six countries.
But as the COVID-19 epidemic exploded worldwide this spring, remittances of the estimated 272 million immigrants worldwide are expected to fall by around 20% by 2020.The most sensitive issuing countries Funds around the world have experienced prolonged economic closures, making it difficult for immigrants to send cash to their home countries, according to research through the June Pew Research Center.The United States has the largest immigrant population in the world and has been the number one remittance country in recent years.
Remittances play a role in the economies of some countries, in Honduras and El Salvador, for example, remittances accounted for more than 20% of GDP in 2019, one of the highest percentages in the world, and also accounted for a significant percentage of Guatemala’s GDP.(14%) Dominican Republic (8%) 2019, and a lower percentage in Mexico (3%) Colombia (2%).
In 2019, the United States had about 8 out of ten foreign migrants (83%) born in the six Latin American countries of this analysis By comparison, the United States welcomes fewer migrants (67%) Latin America and the Caribbean in 2017.
Almost all foreign migrants born in Mexico live in the United States (97%), the highest proportion among the six countries, followed by El Salvador (89%) Guatemala (88%).By comparison, only about a quarter (28%) Foreign immigrants born in Colombia live in the United States; plurality (49%) living in the Latin American and Caribbean region.
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