After foreign exchange revenues from tourism in Costa Rica fell from $4 billion to $1.343 billion between 2019 and 2020 due to the closure of borders and airports, it is projected that the sector will remain in the red during 2021.
March 2020, when most countries began to register Covid-19 cases, was the month in which revenues began to fall. Statistics from the Central Bank of Costa Rica (BCCR) show that in this context of pandemic, between April and October of last year, the Costa Rican tourism industry practically did not earn any foreign currency.
In the first month of 2019, the country received $402 million in family remittances, 17% more than in January of the previous year.
According to figures from the Central Bank of Honduras, during January of this year the country received family remittances of $402 million, a figure that is $60 million higher than the $342 registered in the same month of 2018.
During the first month of the year, remittances from abroad to Guatemala totaled $688 million, 8% more than what was received in January 2018.
According to figures from the Bank of Guatemala, in January 2019 the country received $688 million in remittances, 8% more than the $635 million recorded in the same month in 2018.
In the last seven years, the amount of family remittances reported in January has doubled, with $305 million recorded in the first month of 2012 and $688 million in 2019.
After reporting a 16% year-on-year increase in revenues generated by this sector in El Salvador in 2018, a 13% growth is expected for this year.
According to authorities of the Ministry of Tourism (MITUR) for this year is expected that more than 2.6 million tourists visit El Salvador, representing a 6.2% increase over what was reported in 2018.
Regarding the income generated by the sector, MITUR forecasts that in 2019 the income from tourist activities of foreigners in the country will reach $1,660 million, 12.7% more than the $1,473 million registered last year.
During the last year, the country's income from foreign tourism reached $1.473 million, 16% more than in 2017.
Regarding the number of tourists who arrived in El Salvador, representatives of the Ministry of Tourism (MITUR), reported that between 2017 and 2018 the figure increased 13%, rising from 2.2 million to 2.5 million.
José Napoleón Duarte Durán, head of MITUR, told Laprensagrafica.com that "...
In the first eleven months of the year, income from family remittances in the country totaled $8.444 million, 13% higher than that reported in the same period in 2017.
The most recent figures from the Banco de Guatemala show that in November 2018 the country received $757 million in remittances, 17% more than the $646 million registered in the same month in 2017.
From January to November 15th of this year, family remittances received from the Central American country totaled $4.265 million, 10% more than what was reported in the same period of 2017.
The most recent figures from the Central Bank of Honduras show that between January 1st and November 15th, 2017 and the same period this year, the flow of remittances sent to the country increased by $372.6 million, from $3,892.3 million to $4,264.9 million.
Visitors who came into the country in the first quarter generated $1,242 million, the highest quarterly figure for the last 16 years.
Of the total foreign exchange from tourism entering between January and March 2016, 77% was through personal trips and the remaining 13% from business trips, according to a detailed breakdown published by Nacion.com.
The stock price of Copa Holdings has fallen and at the same time the airline has stopped accepting Argentina's currency for ticket sales.
Restrictions in Argentina for converting local currency to dollars and for sending funds abroad, have now forced American Airlines and Air Canada to take the same measure implemented by Copa.
During 2014 2,142,000 visitors came into the country and tourism revenues increased 5.6% compared to 2013.
Foreign currency received from tourism amounted to $1,563 million at the end of 2014, representing $83.1 million more than reported in 2013 . Also, in 2014 142 thousand more than visitors were received than in 2013, coming mainly from El Salvador, Spain, the United States and the United Kingdom, among other places.
The increase in remittance income is the main factor that has led to the value of the local currency against the dollar rising to its highest level in the past two years.
While in other Central American countries local currencies have tended to lose value against the dollar, in Guatemala the strong flow of foreign exchange into the country has put upward pressure on the supply of dollars causing an appreciation of the quetzal, which was quoted on 5 October at Q7,63 to the dollar.
A reduced demand for dollars by the nonfinancial public sector could be the reason behind the reduction of 7.5 colones in the price of the US dollar this week.
Since the last central bank intervention in the wholesale foreign exchange market on June 10, the dollar has shown a downward trend, being quoted at ¢ 546.47 per dollar at the close of June 20.
During the first quarter of the year remittance flows sent to the country increased by 7.8% compared to the same period in 2013.
Between January and March 2014 Salvadorans living abroad sent a total of $989.1 million, $71.8 million more than in the first three months of 2013, according to the Central Reserve Bank of El Salvador (BCR).
"In March alone $383.2 million were received, according to the source.
The Central Bank of Costa Rica has submitted a query regarding the possibility of eliminating the restriction on financial institutions of varying its assets in dollars per day by up to 4% .
The Chamber of Banks looks favorably on the initiative to abolish the current limit of 4% so that more currencies can be bought and sold daily.
The Central Bank "justified in the consultation paper that the move is in line with exchange rate flexibility, to allow intermediaries to increase participation in the determination of the exchange rate, managing risk better and providing liquidity."
Nicaragua pork producers obtained permissions to perform the first export of meat to El Salvador.
After several years of trying to enter the international market, the Nicaraguan slaughterhouse Cacique has signed its first sale contract in El Salvador.
The contract initially involves sending a monthly container, but in the short-term this could double and be increase further still if other slaughterhouses are interested in selling their products in El Salvador.