Ecuadorian migrant remittances abroad reach a historic record in the first half of 2021

The Central Bank of Ecuador (BCE) published on October 4, 2021, the results of the remittances of Ecuadorian migrants abroad, corresponding to the first semester of 2021. 

Migrants work in the United States. The flow to the country has increased in recent years.

According to the ECB, the flow of remittances that entered the country amounted to $ 2,008.68 million, 3.58% higher than that recorded in the second half of 2020 ($ 1,939.18 million) and 43.62% to that observed in similar 2020 period ($ 1,398.62 million).

Increasing the flow of remittances in the first half of 2021 “became a record of the statistical series compiled by the ECB since 1993”. The Central explains that this increase in the sending of remittances is mainly attributed to the stimuli and aid to families granted by the United States government, in the context of the pandemic. However, attention must be paid to the fact that the endowment of unemployment bonds issued by the American government will end in September of this year. 

In this last year, the flow of Ecuadorian migrants abroad has increased. Mexico, the United States and Chile are the countries where Ecuadorian migrants have stayed the most. The figure grew 115% compared to the average of the previous three years. Between January and July of this year, 438,965 Ecuadorians traveled abroad. In the same period, only 364,473 people returned to the country. That is, 17% have stayed elsewhere.

The flow of remittances from the United States, in the first semester of 2021, amounted to $ 1,242.68 million (61.87% of the value received), a figure 5.12% higher than that registered in the second semester of 2020 ($ 1,182.12 million) and in 47.15% to that recorded in the first semester of 2020 ($ 844.48 million).

Another factor for the increase in migrant remittances, the ECB points out, is that Spain and Italy registered growth in their economies, which would have had a positive impact on the volume of remittances received in the country.

The flow of remittances from Spain, in the first half of 2021, totaled $ 446.91 million (22.25% of the flow received), a figure marginally 0.45% lower than that registered in the second half of 2020 ($ 448.92 million) and significantly higher by 39.08% than that observed in the same period of 2020 ($ 321.32 million).

In the case of Italy, the flow of remittances in the first semester of 2021 totaled $ 93.33 million (4.65% of the amount received), which represented an increase of 2.99% compared to the value registered in the second semester of 2020 ($ 90.62 million) and 28.34% with that recorded in the first semester of 2020 ($ 72.72 million).

During the first semester of 2021, the amount of remittances from the rest of the world reached $ 225.76 million (11.24% of the flow received), which represented an increase of 3.79%, when compared with the amount registered in the second 2020 semester ($ 217.52 million) and 41.02% compared to the same period of 2020 ($ 160.09 million). 

The measurement of the flow of remittances corresponding to the first semester of 2021, shows the presence of Ecuadorian emigrants in countries of the region such as: Mexico, Chile, Peru, Canada and Colombia, which contributed 6.08% ($ 122.21 million) of the flow of remittances received in the country. Likewise, from the United Kingdom, Switzerland, France, Germany and Belgium, 3.19% ($ 64.01 million) of the total remittance flow was received.