Colombia | Remittances Matter, and More Than Ever

Summary

Remittances to Colombia grew 14.1% year-on-year by July 2025, reaching USD 7.566 billion. In 2024, they totaled USD 11.848 billion (2.3% of GDP), an amount equivalent to 79% of oil exports and three times coffee exports, supporting households and financing the external deficit.

Key points

• Key points:
• In 2024, remittances amounted to USD 11.848 billion, equal to 2.3% of GDP, enough to cover the 1.8% current account deficit.
• Dollars sent by migrants now represent 79% of oil export revenues and more than three times coffee exports.
• The main source is the United States (53%), followed by Spain; flows depend on the labor and migration conditions of Colombians abroad.
• 58% of remittances go to Bogotá, Cundinamarca, Valle, and Antioquia, where they boost local economies through spending on consumption, health, education, and housing.

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