Haitian Diaspora Remittance Helps Haiti and U.S. Economies

Many Haitian Diaspora living in states like Florida, New York and Massachusetts send money to their families in Haiti with regularity. The recipients of these remittances are overwhelmingly poor. With their remittance income, they spend for the basics, which mean shelter, food staples, articles of clothing, and medicines. These people live well below the poverty line by any standard and 55% of them have no other income to depend on.

ADVERTISEMENT


Since the 2010 earthquake toppled Haiti, the country's economy has depended heavily on receiving remittances from the Haitian Diaspora. With about one in five families receiving remittances from relatives, Haiti's Central Bank estimates the Diaspora sends around one billion yearly to Haiti. This figure adds up to more than 25% of Haiti's Gross Domestic Product (GDP), and exceeds its annual foreign direct investment and export revenue.

What this means for the U.S. export market is a surplus trade balance between it and Haiti. Over 50% of Haiti's import market comes from the U.S. And remittances received from the Diaspora will be used to buy from the U.S. export market. It is a symbiotic relationship, based on remittances sent to Haiti and the spending of such on U.S. exports. Staples such as rice, wheat, beef, and chicken make up the most purchasing dollars of U.S. exported goods.
Of the 535,000 Haitian Diaspora residing in the U.S., 46.4% live in Florida. This means that 24%, or nearly half of Haiti's exports are generated by Florida.

Reply to this article

Read more: diaspora, economy, Finance, remittance, diaspora

« Importance of Haitian Diaspora to Haitian Economy | Main | How to get Haitian Diaspora to invest in Haiti Economy »

Return to Articles List

Leave a Reply

Name (required)

E-mail (required, will not be published)

Subject: Haitian Diaspora Remittance Helps Haiti and U.S. Economies edit

» »

Our objective is to share with you news and information about Haiti and the people of Haiti. Traditions, habits and the way we were  or  grew are alive in this site. We highly recommend that you Subscribe to our Newsletter and also share with us some of the things that are memorable and made us unique people.