Ecuador broke the record for remittances in 2021 by receiving 4362.6 million shipments from abroad, the highest number in its history, which is 30.6% of the record for 2020, according to a report from the central bank. This amount means 4.1% of GDP, which in 2021 amounted to 106,166 million dollars, a growth of 4.2% compared to 2020, which still does not allow it to fully recover from the downturn that it experienced. COVID-19 pandemic.
Remittances from Ecuadorean immigrants abroad reached a historic record high in the first half of 2021
Almost all remittances originated from the United States, Spain, and Italy, the three countries with the largest number of Ecuadorean immigrants who send money to their relatives in Ecuador on a monthly basis. Thus, the flow of remittances from the United States increased to $2,768.1 million (63.5%), It is followed by Spain with $909.5 million (20.8%), Italy with 190.1 million (4.4%), while the rest of the world got $494.7 million (11.3%).
According to the Central Bank, the increase in the flow of remittances in 2021 is attributed to the economic stimulus provided by the US government to families and economic reopening, as well as a recovery Spanish and Italian economy. However, this has also been affected by the increase in Ecuadorean immigration in the past year, especially to the United States. The increase in remittances sent from abroad to Ecuador was gradual and steady throughout 2021, to the point that the last quarter closed with The third record in a row of the money received. While in the first quarter it reached $920.8 million in Ecuador, the second quarter crossed the 1,000 mark for the first time, recording $1,087 million, surpassing the following two quarters at $1,144 and $1,209 million, respectively.
Transfer numbers vary With foreign investmentWhich amounted to $620.6 million in 2021, a decrease of -43.2% compared to 2020, when $1104.2 million was recorded for this concept.
In the past six years, Ecuador received $1,9406.8 million in remittances sent by its citizens residing abroad, while in the same period as foreign investment in the country $5,481.6 million.
- Shipments made.
During 2021, the flow of remittances sent to the rest of the world amounted to $595.08 million, a figure that saw an increase of 17.20% compared to 2020 ($507.76 million). For remittances, $497.54 million was sent to Colombia, Mexico and Peru, a figure that represented 83.61% of the total amount sent abroad.