In Colombia, the presence of Venezuelan migrants is reflected not only in population figures or social debates, but also in concrete economic impacts that affect consumption, taxes and the labor market. Far from being marginal, its contribution has become an important part of national and regional economic dynamics, with visible impacts on public finances and key sectors such as housing, trade and services.
A study by the International Organization for Migration (IOM) presents figures on this phenomenon. According to the report, Venezuelan households contribute more than $10.6 billion annually to the Latin American and Caribbean economy through their daily spending. Colombia tops this list, focusing on the greatest economic impact resulting from this population’s consumption.
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The analysis, which reviews data since 2021 in countries such as Colombia, Peru, Chile, Panama, Ecuador, Costa Rica, the Dominican Republic and Aruba, shows that migrants’ spending is mainly aimed at meeting basic needs. Housing, nutrition, education and health concentrate most of the resources, while the saving capacity remains limited in almost all countries examined.
For the IOM, these patterns confirm that migration is not an economic burden but rather a source of dynamism. “Migration is a source of economic growth as well as creativity and dynamism. When governments expand opportunities for migrants through regularization and integration processes, all of society benefits,” said Maria Moita, the body’s regional director for Latin America and the Caribbean.
Colombia, the country that receives and contributes the most of the total 10,600 million dollars mobilized annually through the consumption of Venezuelan households in the region, of which almost 3,000 million are in Colombia. This figure exceeds that of countries such as Peru with $2,405.61 million and Chile with $2,403.21 million. Further behind are Panama with $1,232.14 million and Ecuador with $876.25 million.
This consumption has a direct impact on tax collection. Since this involves expenditure on taxable goods and services, a significant part is accounted for by indirect taxes, in particular VAT. The study estimates that Venezuelan migrants collectively represent about 1.2% of total tax revenue in the countries analyzed.
In the Colombian case these effects are particularly clear; In a single year, the tax contribution of this population exceeded $529 million. In Panama the number reached 203 million. For the IOM, these data highlight the need to advance public policies that facilitate formalization and economic integration. “These data underscore the need to continue to develop and prioritize integration policies that promote the economic and social integration of migrants in host communities,” the report said.
Employment, entrepreneurship and barriers beyond consumption, the study highlights the role of Venezuelan migrants in job creation. In countries like Panama, businesses led by this population have created nearly 40,000 jobs, while in Aruba they have supported over $1.1 billion in investment. Although the report does not provide specific entrepreneurship figures for Colombia, it recognizes the country’s growth as an emerging economic engine.
Regarding the labor market, the employment rate of Venezuelan migrants is high, reaching 83.9% at the regional level. However, this data exists with a complex reality; Informality remains predominant, accounting for 81.9% of the total employment of this population.
The report also warns of an ongoing phenomenon of talent underutilization. “There is a phenomenon of ‘skills reduction’.” In Colombia, only 18.3% of Venezuelan migrants practice their profession, a figure lower than in Ecuador (30%) and higher than in Peru, where the percentage does not reach 10%.
As a result, many people with technical or university education end up in low-skilled industries such as retail, general services or vehicle repair. This situation is also reflected in income. Even in similar jobs, migrants’ wages are often lower than those of local workers. In Colombia, the average monthly income of a Venezuelan worker is $595, while in Peru it is $698.
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