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 accordance with the behavior that has been reported in recent years, in 2018 the country received $1.5 billion in family remittances, 8% more than that recorded in 2017.
The report of the Central Bank of Nicaragua states that "...
In accordance with the behavior that has been reported in recent years, in 2018 the country received $5,469 million in family remittances, 8% more than that recorded in 2017.
The report of the Central Reserve Bank (BCR) explains that last year the five main departments receiving family remittances were: San Salvador (19.6% of the total country), San Miguel (11.7%), La Unión (8.2%), Santa Ana (7.9%) and La Libertad (7.7%).
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.
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.
Consistent with the bullish behavior of the last months, from January to November the country received $4.935 million in family remittances, 9% more than what was reported in the same period of 2017.
From the statement of the Central Reserve Bank:
El Salvador received US$4,934.5 million in family remittances up to November 2018 and increased 8.8%, surpassing by US$397.3 million the income received under this concept in the same period of the previous year; only in November US$430.2 million in family remittances were received, informed the Central Reserve Bank.
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.
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.
In the first five months of the year the country received 42,000 more tourists than in the same period in 2013.
Confirming the upward trend in the flow of tourists coming to Nicaragua, in the first five months of the year alone 545,174 tourists visited, 8.3% more than in the same period in 2013, when the figure was 503,077.
español
3093
