Year to Date, Remittances to El Salvador Are up $117.44 Million or 1.7%

Thus far, in 2024, remittances to El Salvador are up 1.7% compared to the same 2023 period. According to the Central Reserve Bank of El Salvador (BCR), remittances to the country as of October 2024 totaled $6857.57 million.

The data from the Salvadoran Reserve Bank (BCR) indicate that this year’s remittances have increased by $117.44 million compared to what it received in the same months of 2023.

In October 2024, El Salvador received $722.92 million in remittances, an increase of $37.19 million (5.4%) compared to September of last year.

Family remittances serve as the primary source of income for approximately 24% of Salvadoran households, contributing around 20% to the country’s Gross Domestic Product (GDP).

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According to the BCR’s report, May saw the highest remittances, with Salvadorans receiving $752.9 million, while January recorded the lowest, with $594.1 million.

This year, remittances from the United States total $6,363.55 million, accounting for 92.80% of the total. Canada follows with $69.07 million (1.01%), Spain ranks third with $47.31 million (0.69%), and Italy is fourth with $43.15 million (0.63%).

Remittances by Department

Thus far in 2024, the San Salvador department leads in remittances, receiving 19.74% of the total, or $1,353.89 million. This is the most densely populated department in the country.

At the bottom, with 2.86% of the total or $195.87 million in remittances received, is the Cuscatlan department.

1. San Salvador $1,353.89
2. San Miguel $763.22
3. La Libertad $593.77
4. Santa Ana $545.95
5. Usulután $508.31
6. La Unión $490.05
7. Chalatenango $384.45
8. Sonsonate $352.82
9. La Paz $295.64
10. Morazán $294.20
11. Cabañas $290.77
12. Ahuachapán $277.32
13. San Vicente $230.18
14. Cuscatlán $195.87

Remittances by Municipalities

The San Salvador Center municipality has received the most remittances this year, totaling $810.15 million (11.81%). On the other hand, the Sonsonate North Municipality has received the lowest with $30.30 million (0.44%).

1. San Salvador Center $810.15
2. San Miguel Center $484.59
3. San Salvador East $289.86
4. Usulután East $272.73
5. La Unión North $254.73

40. San Salvador South $61.04
41. Chalatenango North $49.33
42. Santa Ana East $36.28
43. Ahuachapan North $35.68
44. Sonsonate North $30.30

Remittances by District

Among districts with a population over 50,000, the San Salvador district has received the most remittances so far, totaling $667.99 million (9.74%). On the other end, the Panchimalco district has received the least, with $7.35 million (0.11%).

Top 5 Districts

1. San Salvador $667.99
2. San Miguel $411.75
3. Santa Ana $234.57
4. Usulután $148.10
5. Soyapango $145.16

Bottom 5 Districts

1. Panchimalco $7.35
2. Nahuizalco $12.78
3. San Pedro Perulapán $18.20
4. Cuscatancingo $27.73
5. San Marcos $31.73

SEE ALSO: Analyzing Poverty in El Salvador: An Insight Into El Salvador’s Poverty Rate!

Remittances sent to Salvadorans are pivotal in the nation’s economy, providing vital financial support to many families.

Data from the Multiple Purpose Household Survey (EHPM), published by the Salvadoran Ministry of Economy, indicates that 1.63 million Salvadorans benefit from remittances. Many of these people are in extreme poverty or relative poverty.

Remittances have increased steadily in the last decade; they are a big part of El Salvador’s Gross Domestic Product, GDP.