A. M. 
Courtesy
The Banco Central de Reserva (BCR) informed that family remittances sent to El Salvador reached US$8,479 million at the end of 2024. In december US$832.73 million were received, the highest monthly figure on record, boosted by the year-end holiday season.
This amount surpassed the US$706.33 million reported in november and US$800.71 million in december 2023. Remittances constitute 24% of the Gross Domestic Product (GDP) and are the main source of foreign exchange for the salvadoran economy, surpassing exports, foreign investment, and international tourism.
The United States continues to be the largest source of remittances, with a contribution of 91.6% of the total. Salvadorans in that country sent US$7,769 million, a growth of US$163.1 million (2.1%) compared to 2023. Canada ranks second with US$83.5 million and an increase of 5.1%, followed by Spain with US$58.7 million, representing a notable increase of 20.4%. Italy and Mexico round out the top five, with growth of 19.3% and 12%, respectively.
In contrast, the United Kingdom showed a significant contraction of 32.8%, falling to 11th place in the list of issuers. This country accumulated only US$4.4 million at the end of the year. This drop is attributed to factors such as lower migratory flows and economic uncertainty in that region.
Internally, San Salvador, which accounts for 19.4% of remittances, experienced a drop of 1.9%. Households in this department received US$1,643.5 million, which represents US$32.3 million less than in 2023. Despite this, it continues to lead as the largest recipient of remittances in the country.
The growth of remittances from countries such as Canada, Spain, Italy, and Mexico reflects the diversification of the origins of this vital income for the salvadoran economy. However, economic challenges in some traditional markets, such as the United Kingdom, underscore the need for strategies to strengthen these flows and maximize their impact on recipient families.
