In the first half of 2023, Honduras received US$4.509 billion in remittances, marking a 7.3% rise compared to the same period in 2022, as per data from the Central Bank of Honduras (BCH).
This amount surpasses the previous year’s $4.200 billion by US$309.1 million. About 72.8% of Hondurans abroad contribute an average monthly remittance of US$626.3.
The US, where over a million Hondurans reside, accounts for over 70% of these remittances.
Spain, Mexico, and Panama follow, with the remaining 7.9% primarily coming from Belize and Costa Rica.
The central and northern regions, Francisco Morazán and Cortés, receive most of these remittances.
Mainly, the funds are used for essentials such as food, health services, and education.
Mothers are the primary recipients at 37.4%, followed by siblings, spouses, fathers, and children.
Remittances constitute around 25% of Honduras’ GDP and are the leading source of foreign exchange, surpassing exports like coffee and shrimp.