Amid Trump’s deportation threats, remittances to Central America have surged: Guatemala saw $2B in March (+19% YoY), Honduras $1.6B (+20%), and El Salvador $1.4B (+14%). Migrants are preemptively sending money, driving up savings across economies reliant on remittances.
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Trump Threats Send Migrants Scrambling to Get Cash Out of the US
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Remittances are a large source of foreign exchange for Central America and account for roughly a fifth of gross domestic product in each of the three countries. Most Central American migrants in the US work in agriculture, restaurants and construction, according to government surveys.
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