Remittances to El Salvador from January to August 2022 totaled $5065.62 million; it represents a 3.61% growth compared to the same 2021 period; the latest data from the Central Reserve Bank of El Salvador (BCR) shows the increase.
Monthly remittances to El Salvador in 2021 averaged US$625.33 Million, reaching an all-time high of $750.09 Million in December. The monthly average as of August 2022 is $633.20 Million, with May being the highest month at $701.78 million.
According to El Salvador’s Central Reserve Bank, remittances come from 142 countries, with the top countries of origin being the United States with $317 million, Canada with $264 million, and Spain with $207 million.
| 2020 | 2021 | 2022 | Change 2021-2022 |
|
|---|---|---|---|---|
| January | 423.76 | 514.64 | 552.74 | 7.40% |
| February | 448.54 | 505.60 | 572.64 | 13.26% |
| March | 435.45 | 681.54 | 676.88 | -0.68% |
| April | 287.32 | 642.95 | 641.83 | -0.17% |
| May | 414.39 | 683.27 | 701.78 | 2.71% |
| June | 508.14 | 621.65 | 632.80 | 1.79% |
| July | 553.14 | 624.82 | 636.99 | 1.95% |
| August | 559.30 | 614.67 | 649.96 | 5.74% |
| September | 553.44 | 595.63 | ||
| October | 575.42 | 657.11 | ||
| November | 519.42 | 625.17 | ||
| December | 651.94 | 750.09 | ||
| Totals | 5929.94 | 7517.14 | 5065.62 | 3.61% *Aug 2022 |
| Average | 494.16 | 626.43 | 633.20 |
The total remittances to El Salvador in August 2022 were $649.96 million, an increase of 5.74% compared to August 2021 ($614.67).
The departments that have obtained the highest remittances until August 2022 are San Salvador, San Miguel, Santa Ana, La Libertad, and Usulutan. These five departments’ remittances total are equivalent to 55.5% of total remittances.
In 2022, March and April are the only months when remittances were less than in 2021. Thus far, February 2022 has seen the most significant increase of 13.26%, with August being second with a growth of 5.74%.
The BCR informed that 34.4% of the remittances were withdrawn through banking institutions, other remittance institution transactions totaled 62.0%, and 1.7% were received via cryptocurrency digital wallets. Remittances withdrawn at the window were 65.5%, and 30.9% were sent to bank accounts directly.
The remittance numbers for the first eight months of 2022 are good news for the Salvadoran economy. Additionally, exports of Salvadoran goods from January to July increased by 16.7% compared to the same 2021 period.
Remittances to El Salvador
Remittances to El Salvador, mainly from the United States, Canada, and Europe, are a principal source of revenue for the country. Remittances have increased steadily in the last decade; they are a big part of El Salvador Gross Domestic Product, GDP.
