South Africa: Remittances

* indicates monthly or quarterly data series
 South Africa

Remittances, million USD

 Latest value 844.11
 Year 2023
 Measure million U.S. dollars
 Data availability 1970 - 2023
 Average 385.07
 Min - Max 15.38 - 1,158.42
 Source The World Bank
The latest value from 2023 is 844.11 million U.S. dollars, a decline from 872.86 million U.S. dollars in 2022. In comparison, the world average is 4590.03 million U.S. dollars, based on data from 184 countries. Historically, the average for South Africa from 1970 to 2023 is 385.07 million U.S. dollars. The minimum value, 15.38 million U.S. dollars, was reached in 1971 while the maximum of 1158.42 million U.S. dollars was recorded in 2011. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series


Recent data
South Africa - Remittances - Recent values chart

Historical series
South Africa - Remittances - historical chart - 1970-2023




Remittances are the money sent home by people who work in a foreign country. These are, for example, the money sent to Mexico by Mexican workers in the U.S.
Definition: Personal remittances comprise personal transfers and compensation of employees. Personal transfers consist of all current transfers in cash or in kind made or received by resident households to or from nonresident households. Personal transfers thus include all current transfers between resident and nonresident individuals. Compensation of employees refers to the income of border, seasonal, and other short-term workers who are employed in an economy where they are not resident and of residents employed by nonresident entities. Data are the sum of two items defined in the sixth edition of the IMF's Balance of Payments Manual: personal transfers and compensation of employees. Data are in current U.S. dollars.

Selected articles from our guide:

What factors determine the exchange rates

International lending and sovereign debt

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 Related indicators Latest Reference Measure
 Terms of trade 128.32 2021 percent
 Trade openness 65.18 2023 percent
 Financial openness -1.242 2021 index points
 Exports, percent of GDP 33.02 2023 percent
 Exports, billion dollars 124.70 2023 billion U.S. dollars
 Growth of exports 3.53 2023 percent
 Imports, percent of GDP 32.70 2023 percent
 Imports, billion dollars 123.44 2023 billion U.S. dollars
 Foreign Direct Investment, percent of GDP 0.91 2023 percent
 Foreign Direct Investment, billion dollars 3.44 2023 billion U.S. dollars
 Portfolio investment inflows, equities -4,382.76 2023 million dollars (current)
 Current account, percent of GDP -1.60 2023 percent
 Current account, in dollars -6.14 2023 billion U.S. dollars
 Trade balance, percent of GDP 0.32 2023 percent
 Trade balance, in dollars 1.22 2023 billion U.S. dollars
 Reserves 62.49 2023 billion U.S. dollars
 Remittances, percent of GDP 0.22 2023 percent
 Remittances 844.11 2023 million U.S. dollars
 Net errors and omissions 3,127.89 2023 million USD
 External debt 43.38 2022 percent
 Short-term external debt 25.47 2023 percent
 Short-term debt to reserves 67.56 2023 percent
 Foreign exchange reserves 1,226.69 12/2024 billion
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