Colombians who work abroad bring more money to their country than Colombia's famous and globally renowned coffee export, Colombia's national bank announced.
In the first half of 2008, migrated Colombians sent over US$ 2.3 billion to family at home, 19.6 % more than in the same period last year. Most money was sent from the United States and Spain.
It's the first time the amount of money sent by migrants exceeds that of Colombia's profitable coffee and ferronickel exports, good for respectively US$ 1 billion and US$ 532 million.
The money sent home is close to exceeding the export revenue for Colombia's number one export product, coal, which in the first six months of 2008 was responsible for bringing US$ 2,5 billion to Colombia.
Because of the ongoing financial crisis in the United States, the money sent to Colombian families is expected to be less in the second half of 2008.
Thousands of Colombian families depend on the money sent to them from family members abroad for their basic necessities.
