A. M. The SECMCA released the Preliminary Overview of the Regional Economy 2024, noting that the countries of Central America and the Dominican Republic (CARD) received a total of US$56,274.4 million in family remittances at the end of the year. This figure represents a year-on-year growth of 7.0% and reaffirms the fundamental role of these flows in the region’s economic stability.
The economic dynamism of the United States continues to be key, since most remittances come formally from that country. This foreign currency inflow has been crucial for millions of households, while boosting domestic consumption and sustaining a large part of trade and local productive activity.
In terms of inflation, the region closed the year with an inflation rate of 2.22%, below the 3.13% recorded in 2023. This deceleration, of almost one percentage point, was maintained throughout the year, especially in the second half of the year, following a favorable trend that began in 2022.
However, the report also highlights that the trade deficit reached US$58,804.0 million, an increase of US$2,973.8 million with respect to 2023. This increase is due to the rise in imports of consumer goods and raw materials, reflecting both higher demand and a structural dependence on external products.
Overall, remittances are consolidating as a vital source of income for the CARD region, cushioning the effects of trade imbalances and contributing to the financial stability of the countries, especially in a context of controlled inflation and challenges in foreign trade.
